Reserve Bank Cancels Certificate of Registration of Maithri Financial Services Limited
Case Brief
On April 2, 2008, the Reserve Bank of India cancelled the Certificate of Registration granted to Maithri Financial Services Limited, whose registered office was in Hyderabad. The cancellation was made under Section 45-IA(6) of the RBI Act, 1934, and means the company cannot transact the business of a non-banking financial institution.
The Reserve Bank of India cancelled the Certificate of Registration granted to Maithri Financial Services Limited under Section 45-IA(6) of the RBI Act, 1934. As a result, the company can no longer transact the business of a non-banking financial institution.
Severity Assessment
Cancellation of an NBFC registration is a complete licence cancellation, which falls in severity 5.
Maithri Financial Services Limited must stop carrying on non-banking financial institution activities. Customers and counterparties should no longer treat it as authorised to conduct NBFC business after the cancellation date.
Published as Maithri Financial Services Limited
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