Reserve Bank Cancels Certificate of Registration of Maltrikrishna Finance Limited
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration of Maltrikrishna Finance Limited, a non-banking financial company with its registered office in Visakhapatnam. The action was taken under Section 45-IA(6) of the RBI Act, 1934 after the company opted to exit the business of a Non-Banking Financial Institution. As a result, the company can no longer transact NBFC business.
The Reserve Bank of India cancelled the Certificate of Registration granted to Maltrikrishna Finance Limited under Section 45-IA(6) of the RBI Act, 1934. The release states that the company had opted to exit from the business of a Non-Banking Financial Institution, and therefore its registration to carry on that business was cancelled.
Severity Assessment
Cancellation of an NBFC certificate of registration is a full licence cancellation, which carries severity 5.
Maltrikrishna Finance Limited is barred from conducting non-banking financial institution business going forward. Customers and counterparties should no longer treat it as an active NBFC for new business origination or continuation of NBFC activities.
Published as Maltrikrishna Finance Limited
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