RBI cancels Certificate of Registration of Two 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 Heewan Finance Limited and High Growth Credit Services Limited. The order means both companies can no longer transact the business of a Non-Banking Financial Institution under the Act.
The Reserve Bank of India cancelled the Certificate of Registration of Heewan Finance Limited and High Growth Credit Services Limited under Section 45-IA(6) of the RBI Act, 1934. The release states that, as a result, these companies shall not transact the business of a Non-Banking Financial Institution as defined in the RBI Act.
Severity Assessment
Cancellation of a Certificate of Registration is a full licence/registration cancellation, which is severity 5 regardless of any other factors.
Both entities must stop NBFC operations with immediate effect from the respective cancellation orders dated September 11, 2024 and September 13, 2024. Customers and counterparties should not expect the companies to continue regulated NBFC activity.
Published as Heewan Finance Limited
Published as High Growth Credit Services Limited
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