RBI cancels Certificate of Registration of Two NBFCs
Case Brief
In exercise of powers under Section 45-IA(6) of the RBI Act, 1934, the Reserve Bank of India cancelled the Certificate of Registration of two NBFCs: Todays Holdings Private Limited and Integrated Finance Company Limited. The order means both entities are prohibited from transacting the business of a non-banking financial institution under the RBI Act.
The Reserve Bank of India cancelled the Certificate of Registration of Todays Holdings Private Limited and Integrated Finance Company Limited under Section 45-IA(6) of the RBI Act, 1934. Following cancellation, the companies are no longer permitted to transact the business of a non-banking financial institution as defined under Section 45-I(a) of the RBI Act.
Severity Assessment
Cancellation of Certificate of Registration is a full licence cancellation, which is severity 5.
Both companies must stop NBFC business operations going forward. Their customers and counterparties can no longer treat them as authorised non-banking financial institutions, and any further activity in that capacity would be unauthorised.
Published as Todays Holdings Private Limited
Published as Integrated Finance Company Limited
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