RBI cancels Certificate of Registration of Four NBFCs
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration of four companies: Marwah Finance Pvt Ltd, PVP Capital Limited, Rain Bow Finance India Ltd, and Ram Alloy Castings Private Limited. The action was taken under Section 45-IA(6) of the RBI Act, 1934. Following cancellation, the entities are prohibited from transacting business as non-banking financial institutions.
In exercise of powers under Section 45-IA(6) of the Reserve Bank of India Act, 1934, RBI cancelled the Certificate of Registration of Marwah Finance Pvt Ltd, PVP Capital Limited, Rain Bow Finance India Ltd, and Ram Alloy Castings Private Limited. As a result, these companies cannot 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 license cancellation, which is severity 5.
The four companies must stop carrying on NBFC business. Counterparties and customers should no longer treat them as authorised non-banking financial institutions; any activity undertaken as an NBFC would be unauthorised.
Published as Marwah Finance Pvt Ltd
Published as Ram Alloy Castings Private Limited
Published as PVP Capital Limited
Published as Rain Bow Finance India Ltd
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