Reserve Bank cancels Certificate of Registration of Polytex India Ltd due to irregular lending practices
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration of Polytex India Ltd, an NBFC, under Section 45-IA(6) of the RBI Act, 1934. The title attributes the action to irregular lending practices. As a CoR cancellation, this is a full licence-level action that stops the entity from operating as an NBFC.
In exercise of powers under Section 45-IA(6) of the Reserve Bank of India Act, 1934, the Reserve Bank cancelled the Certificate of Registration (CoR) of Polytex India Ltd, a Non-Banking Financial Company. The release title states the cancellation was due to irregular lending practices, but the body text itself only confirms the CoR cancellation and the statutory basis.
Severity Assessment
Cancellation of an NBFC’s Certificate of Registration is a full licence cancellation, which is severity 5 regardless of the reason cited.
Polytex India Ltd can no longer operate as an NBFC under the cancelled CoR. Any lending or other NBFC activities must cease, and counterparties/customers are affected by the loss of the entity’s regulated status.
Published as Polytex India Ltd
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