RBI cancels Certificate of Registration of two NBFCs
Case Brief
In this release, the RBI exercised its powers under Section 45-IA(6) of the RBI Act, 1934 to cancel the Certificates of Registration of two NBFCs: Grihastha Finance Limited and Pawan Motor and General Finance Private Limited. The cancellation means the companies are barred from transacting the business of a Non-Banking Financial Institution as defined in the RBI Act.
The RBI cancelled the Certificate of Registration of Grihastha Finance Limited and Pawan Motor and General Finance Private Limited under Section 45-IA(6) of the Reserve Bank of India Act, 1934. As a result, the companies are no longer permitted to transact the business of a Non-Banking Financial Institution as defined under the Act.
Severity Assessment
Cancellation of a Certificate of Registration is a full licence cancellation, which is severity 5.
The two companies must stop carrying on NBFC business. Borrowers, counterparties, and other stakeholders should treat the entities as no longer authorised to operate as non-banking financial institutions.
Published as Grihastha Finance Limited
Published as Pawan Motor and General Finance Private Limited
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