The Reserve Bank of India cancelled the Certificate of Registration granted to Shyamram Financial Services Pvt. Ltd. for carrying on the business of a non-banking financial institution. The release cites Section 45-IA(6) of the RBI Act, 1934 as the statutory basis. As a result, the company cannot transact the business of a non-banking financial institution from the cancellation date.

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Quick Facts

Primary Impact: License cancellation
Entity Type: NBFC
Location: Bangalore, Karnataka
Order Date: 26 Jul 2010
Effective From: 26 Jul 2010
Entities Affected: 1

Why RBI Acted

Licensing breach

The Reserve Bank of India cancelled the Certificate of Registration granted on March 4, 1998 to Shyamram Financial Services Pvt. Ltd. for carrying on the business of a non-banking financial institution. The action is stated to be under Section 45-IA(6) of the Reserve Bank of India Act, 1934.

Severity Assessment

Cancellation of a Certificate of Registration is a full licence/registration cancellation, which is severity 5.

Impact

Shyamram Financial Services Pvt. Ltd. must stop conducting non-banking financial institution business. The restriction affects the company directly and removes its ability to operate as an NBFC going forward.

Regulatory Basis

Section 45-IA (6) of the Reserve Bank of India Act, 1934
clause (a) of Section 45-I of the Reserve Bank of India Act, 1934

Restrictions & Effective Timeline

Effective From: 26 Jul 2010

Affected Entities

Shyamram Financial Services Pvt. Ltd
Published as Shyamram Financial Services Pvt. Ltd.
NBFC · Primary

Official RBI Source

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