Case Brief
What Happened
The Reserve Bank of India cancelled the Certificate of Registration of 28 companies under Section 45-IA(6) of the RBI Act, 1934. The entities are various NBFCs/finance and investment companies, and the order states that they shall not transact the business of a Non-Banking Financial Institution under the RBI Act.
Quick Facts
- Primary Impact
- License cancellation
- Entity Type
- NBFC
- Location
- Delhi, Delhi
- Order Date
- Unknown date
- Effective From
- Unknown date
- Entities Affected
Why RBI Acted
The Reserve Bank of India exercised powers under Section 45-IA(6) of the RBI Act, 1934 to cancel the Certificate of Registration of 28 companies. The listed entities included various NBFCs/finance and investment companies across Delhi, West Bengal, Punjab, Chandigarh, Telangana and Uttarakhand. As a result, these companies shall not transact the business of a Non-Banking Financial Institution as defined in Section 45-I(a) of the RBI Act, 1934.
Severity Assessment
Certificate of Registration cancellation is a severity-5 action because it removes the entity's authorization to operate as an NBFC.
Impact
The affected companies lose their NBFC registration and cannot carry on non-banking financial business going forward. Customers, borrowers, and counterparties should no longer treat these entities as authorized NBFCs.
Regulatory Basis
- Section 45-IA (6) of the Reserve Bank of India Act, 1934
- Section 45-I of the RBI Act, 1934
Affected Entities
- P S C Holding Private LimitedNBFC · Primary
Published as P S C Holding Private Limited
- Goyal Intra Private LimitedNBFC · Bulk Member
Published as Goyal Intra Private Limited
- Navin Udyog Promotions LtdNBFC · Bulk Member
Published as Navin Udyog Promotions Ltd.
- Blue Stone Readymade Garments Private Limited (Presently known as Blue Stone Finvest Pvt. Ltd.)NBFC · Bulk Member
Published as Blue Stone Readymade Garments Private Limited (Presently known as Blue Stone Finvest Pvt. Ltd.)
Official RBI Source
RegOversight structures the official RBI release for search and analysis. Use the linked release as the authoritative source.