RBI cancels Certificate of Registration of Four NBFCs
Case Brief
The Reserve Bank of India, exercising powers under Section 45-IA(6) of the RBI Act, 1934, cancelled the Certificates of Registration of four companies: Kundles Motor Finance Private Limited, Nithya Finance Limited, Bhatia Hire Purchase Pvt Ltd, and Jiwanjyoti Deposits and Advances Limited. The order means these companies are no longer permitted to carry on the business of a Non-Banking Financial Institution under the RBI Act.
The Reserve Bank of India cancelled the Certificate of Registration of four companies under Section 45-IA(6) of the RBI Act, 1934: Kundles Motor Finance Private Limited, Nithya Finance Limited, Bhatia Hire Purchase Pvt Ltd, and Jiwanjyoti Deposits and Advances Limited. 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
Cancellation of Certificate of Registration is a licence cancellation, which is a severity 5 action regardless of any monetary amount.
All four companies are prohibited from transacting NBFC business going forward. This affects the companies directly and limits their ability to continue regulated financial intermediation activities until any separate lawful restoration or restructuring occurs.
Published as Kundles Motor Finance Private Limited
Published as Bhatia Hire Purchase Pvt Ltd
Published as Nithya Finance Limited
Published as Jiwanjyoti Deposits and Advances Limited
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