RBI cancels Certificate of Registration of 2 NBFCs
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration of two non-banking financial companies: M/s S.R.F. Hire Purchase Pvt. Ltd. and M/s Mitter Finance Company Limited. The action was taken under Section 45-IA(6) of the Reserve Bank of India Act, 1934. As a result, the companies are barred from transacting business as non-banking financial institutions under Section 45-I(a) of the Act.
The RBI cancelled the Certificate of Registration of M/s S.R.F. Hire Purchase Pvt. Ltd. and M/s Mitter Finance Company Limited in exercise of powers under Section 45-IA(6) of the Reserve Bank of India Act, 1934. The release states that, following cancellation of registration, these companies cannot transact the business of a non-banking financial institution as defined under Section 45-I(a) of the Act.
Severity Assessment
Cancellation of a Certificate of Registration is a licence cancellation, which carries the maximum structural severity of 5.
Both NBFCs must stop carrying on non-banking financial institution activity. Depositors, borrowers, and other counterparties can no longer treat them as RBI-registered NBFCs for fresh business.
Published as M/s Mitter Finance Company Limited
Published as M/s S.R.F. Hire Purchase Pvt. Ltd.
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