Case Brief
What Happened
The Reserve Bank of India cancelled the certificate of registration of Equitas Micro Finance India Private Limited, a non-banking financial company with registered office in Chennai. The company was issued CoR No. N-07-00768 on March 13, 2008, but the RBI said it had voluntarily exited from carrying on NBFI activities. Acting under Section 45-IA(6) of the RBI Act, 1934, the RBI cancelled the registration certificate, after which the company cannot transact the business of a non-banking financial institution.