Reserve Bank Cancels Certificate of Registration of Bhasin Credit Aid Limited
Case Brief
On July 20, 2007, the Reserve Bank of India cancelled the Certificate of Registration of Bhasin Credit Aid Limited, whose registered office was in Madangir, New Delhi. The cancellation was issued under Section 45-IA(6) of the RBI Act, 1934. As a result, Bhasin Credit Aid Limited cannot transact the business of a non-banking financial institution.
The Reserve Bank of India cancelled the Certificate of Registration granted to Bhasin Credit Aid 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 transact that business.
Severity Assessment
Cancellation of a Certificate of Registration is a severity-5 action because it removes the entity’s ability to operate as an NBFC.
Bhasin Credit Aid Limited is barred from carrying on NBFC business going forward. This affects the company’s ability to operate as a non-banking financial institution and prevents it from undertaking regulated non-banking financial activities.
Published as Bhasin Credit Aid Limited
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