RBI cancels Certificate of Registration of M/s Kotasar Limited & United Credit & Development Co. Limited
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration of M/s Kotasar Limited and United Credit & Development Co. Limited, both non-banking financial companies, for carrying on the business of a non-banking financial institution. With the cancellation in force, the companies are barred from transacting NBFC business.
The Reserve Bank of India cancelled the Certificate of Registration of the listed non-banking financial companies for carrying on the business of a non-banking financial institution. As a result of the cancellation, the companies can no longer 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 regardless of any fine.
The two NBFCs must stop carrying on non-banking financial institution business. Customers and counterparties can no longer rely on them for NBFC services, and the action affects both entities immediately upon cancellation.
Published as M/s Kotasar Limited
Published as United Credit & Development Co. Limited
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