RBI cancels Certificate of Registration of two NBFCs
Case Brief
The RBI cancelled the Certificate of Registration of two NBFCs under Section 45-IA(6) of the RBI Act, 1934. The affected entities are Nedumpillil Financial Company Limited and Bhagwan Hire Purchase Limited. With the cancellation, both companies are barred from transacting business as Non-Banking Financial Institutions under the RBI Act.
The Reserve Bank of India cancelled the Certificate of Registration (CoR) of Nedumpillil Financial Company Limited and Bhagwan Hire Purchase Limited under Section 45-IA(6) of the RBI Act, 1934. Following cancellation, the companies shall not transact the business of a Non-Banking Financial Institution as defined in Section 45-I(a) of the RBI Act.
Severity Assessment
Cancellation of the Certificate of Registration is a full license cancellation, which carries severity 5 under the rubric.
Both companies must stop carrying on non-banking financial business. The cancellation affects the entities directly and removes their ability to operate as NBFCs going forward.
Published as Bhagwan Hire Purchase Limited
Published as Nedumpillil Financial Company Limited
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