RBI cancels Certificate of Registration of Sri Sri Hire Purchase and Finance Limited
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration of Sri Sri Hire Purchase and Finance Limited, which is a non-banking financial company (NBFC). The release states that the cancellation was for carrying on the business of a non-banking financial institution. Following the cancellation, the company cannot transact the business of a non-banking financial institution.
The Reserve Bank of India cancelled the Certificate of Registration of Sri Sri Hire Purchase and Finance Limited, an NBFC, for carrying on the business of a non-banking financial institution. As a result of the cancellation, the company can no longer transact the business of a non-banking financial institution.
Severity Assessment
Cancellation of an NBFC’s Certificate of Registration is a complete licence cancellation, which maps to severity 5.
Sri Sri Hire Purchase and Finance Limited loses the legal ability to operate as a non-banking financial institution. Customers and counterparties should expect the NBFC to cease such business activities, and no fresh non-banking financial institution transactions can be undertaken.
Published as Sri Sri Hire Purchase and Finance Limited
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