Reserve Bank cancels Certificate of Registration of Star Finserv India Limited due to irregular lending practices
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration (CoR) of Star Finserv India Limited under Section 45-IA(6) of the Reserve Bank of India Act, 1934. Star Finserv India Limited is a non-banking financial company (NBFC). The title says the cancellation was due to irregular lending practices, but the body text supplied only expressly records the cancellation and the legal provision invoked.
The Reserve Bank, in exercise of powers under Section 45-IA(6) of the Reserve Bank of India Act, 1934, cancelled the Certificate of Registration issued to Star Finserv India Limited, an NBFC. The release title states the cancellation was due to irregular lending practices, but the body text provided only confirms the cancellation and statutory basis.
Severity Assessment
Cancellation of an NBFC's Certificate of Registration is a complete regulatory shutdown and is severity 5.
Star Finserv India Limited can no longer operate as an NBFC under its RBI Certificate of Registration. The cancellation has immediate forward-looking effect on its lending operations and market conduct, and customers/counterparties should treat the entity as no longer authorised to carry on NBFC business under the cancelled CoR.
Published as Star Finserv India Limited
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