Reserve Bank Cancels Certificate of Registration of Bhawani Fincap Private Limited
Case Brief
The Reserve Bank of India, on May 14, 2007, cancelled the Certificate of Registration of Bhawani Fincap Private Limited, a non-banking financial company based in New Delhi. 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 Bhawani Fincap Private Limited under Section 45-IA(6) of the RBI Act, 1934. The release states that the company was registered to carry on the business of a non-banking financial institution, and following cancellation it cannot conduct that business.
Severity Assessment
Cancellation of an NBFC certificate of registration is a licence cancellation, which carries the maximum structural severity of 5.
Bhawani Fincap Private Limited loses the legal ability to conduct NBFC business going forward. This directly affects the company’s operations and any customers or counterparties relying on its lending or other non-banking financial services.
Published as Bhawani Fincap Private Limited
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