Reserve Bank Cancels Certificate of Registration of Haryana Saving Units Private Limited
Case Brief
On May 20, 2008, the Reserve Bank of India cancelled the Certificate of Registration granted to Haryana Saving Units Private Limited, whose registered office was in Bangalore. The cancellation was made under Section 45-IA(6) of the RBI Act, 1934, after the company opted to exit the business of a non-banking financial institution. Following the cancellation, the company cannot transact NBFC business.
The Reserve Bank of India cancelled the Certificate of Registration granted to Haryana Saving Units Private 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 as a result it can no longer transact NBFC business.
Severity Assessment
Cancellation of an NBFC Certificate of Registration is a license cancellation, which carries severity 5.
Haryana Saving Units Private Limited is no longer permitted to conduct non-banking financial institution business. The immediate impact is operational cessation of NBFC activity by the company; no separate fine or continuing restriction is mentioned.
Published as Haryana Saving Units Private Limited
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