RBI cancels Certificate of Registration of M/s Rhino Finance Private Limited due to irregular lending practices
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration of M/s Rhino Finance Private Limited, a non-banking financial company, under Section 45-IA(6) of the RBI Act, 1934. The title of the release states that the action was taken because of irregular lending practices. This is a licence-style enforcement action that stops the NBFC from operating as a registered NBFC.
The Reserve Bank of India exercised its powers under Section 45-IA(6) of the RBI Act, 1934 to cancel the Certificate of Registration issued to M/s Rhino Finance Private Limited, a non-banking financial company. The full text provided does not elaborate further, but the title states the cancellation was due to irregular lending practices.
Severity Assessment
Cancellation of an NBFC’s Certificate of Registration is a full licence-style action and is severity 5.
M/s Rhino Finance Private Limited can no longer operate as an RBI-registered NBFC. The cancellation affects the company directly and may also affect borrowers and counterparties relying on its NBFC status; any continued financial activity would have to comply with the consequences of the cancellation and applicable law.
Published as M/s Rhino Finance Private Limited
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