RBI cancels Certificate of Registration of five NBFCs
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration of five NBFCs: SKLS Finance Pvt. Ltd., B.K.T. Finance Ltd., K.K.P. Credits Pvt. Ltd., M.C.T. Finance Pvt. Ltd., and Thanjavur Investment Ltd. The action was taken under Section 45-IA(6) of the RBI Act, 1934, for carrying on the business of a non-banking financial institution. Following cancellation, these companies are not permitted to transact NBFC business.
The Reserve Bank of India cancelled the certificate of registration of five non-banking financial companies under Section 45-IA(6) of the RBI Act, 1934, for carrying on the business of a non-banking financial institution. After cancellation, the companies cannot transact the business of a non-banking financial institution.
Severity Assessment
Cancellation of the Certificate of Registration is a licence cancellation, which is severity 5 under the rubric.
The five companies must stop non-banking financial institution operations. Customers and counterparties can no longer rely on them for NBFC services after the respective cancellation dates; the affected firms are barred from transacting such business.
Published as B.K.T.Finance Ltd.
Published as M.C.T. Finance Pvt. Ltd.
Published as SKLS Finance Pvt. Ltd.
Published as K.K.P. Credits Pvt. Ltd.
Published as Thanjavur Investment Ltd.
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