Reserve Bank Cancels Certificate of Registration of Confidence Credit and Investment Limited, Chennai
Case Brief
On April 17, 2006, the Reserve Bank of India cancelled the certificate of registration granted to Confidence Credit and Investment Limited, whose registered office was in Chennai. The action was taken under Section 45-IA(6) of the RBI Act, 1934. As a result, the company is no longer permitted to transact the business of a non-banking financial institution.
The Reserve Bank of India cancelled the certificate of registration granted to Confidence Credit and Investment Limited under Section 45-IA(6) of the RBI Act, 1934. The release states that the company had been registered to carry on the business of a non-banking financial institution, and that following cancellation it cannot transact that business.
Severity Assessment
Cancellation of an NBFC certificate of registration is a license cancellation, which is severity 5.
Confidence Credit and Investment Limited must stop operating as a non-banking financial institution. The restriction is permanent unless a fresh regulatory approval is later granted, and it directly affects the company’s ability to conduct NBFC business.
Published as Confidence Credit and Investment Limited
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