Reserve Bank Cancels Certificate of Registration of twelve companies
Case Brief
The Reserve Bank of India cancelled the certificates of registration of 12 named companies under Section 45-IA(6) of the RBI Act, 1934 because they had opted to exit the business of a non-banking financial institution. The companies are no longer permitted to transact NBFC business, but must continue to repay any deposits, if any, as per the terms and conditions of the deposit contracts.
RBI cancelled the certificate of registration granted to 12 companies under Section 45-IA(6) of the RBI Act, 1934 because they had opted to exit from the business of a non-banking financial institution. After cancellation, the companies cannot transact the business of a non-banking financial institution, though they remain obligated to repay any deposits in accordance with the terms and conditions of the deposit contracts.
Severity Assessment
Cancellation of the certificate of registration is a licence cancellation, which is a severity 5 action regardless of the absence of any monetary penalty.
The 12 companies can no longer carry on non-banking financial institution business. Any deposit liabilities, if present, still have to be repaid according to contract terms, and affected customers/depositors remain entitled to repayment as applicable.
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