Reserve Bank cancels Certificate of Registration of M/s N.Y.Leasing Private Limited due to irregular lending practices
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration of M/s N.Y.Leasing Private Limited under Section 45-IA(6) of the Reserve Bank of India Act, 1934. The release identifies the entity as a Non-Banking Financial Company and the title states that the action was taken due to irregular lending practices. No monetary penalty is mentioned in the provided text.
The Reserve Bank of India exercised its powers under Section 45-IA(6) of the Reserve Bank of India Act, 1934 to cancel the Certificate of Registration issued to M/s N.Y.Leasing Private Limited, a Non-Banking Financial Company. The release text provided does not specify the detailed factual findings, but the headline states the cancellation was due to irregular lending practices.
Severity Assessment
Cancellation of a Certificate of Registration is a severity 5 action because it removes the entity’s ability to operate as an NBFC.
The company can no longer operate as an NBFC under the cancelled registration. Any ongoing lending or financial activities that depended on the CoR are effectively बाधित, and counterparties and customers should not rely on the entity’s NBFC status going forward.
Published as M/s N.Y.Leasing Private Limited
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