RBI cancels Certificate of Registration of 2 NBFCs
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration of two non-banking financial companies under Section 45-IA(6) of the RBI Act, 1934. The entities named are Jumbo Finvest (India) Limited and Champion Agro Finance Limited. Following the cancellation, neither company may transact the business of a non-banking financial institution as defined in the RBI Act.
The Reserve Bank of India exercised powers under Section 45-IA(6) of the RBI Act, 1934 to cancel the Certificates of Registration of Jumbo Finvest (India) Limited and Champion Agro Finance Limited. As a result, the companies can no longer transact the business of a non-banking financial institution as defined under Section 45-I(a) of the RBI Act, 1934.
Severity Assessment
Cancellation of a Certificate of Registration is a full licence cancellation, which is severity 5 under the rubric.
The two NBFCs can no longer conduct non-banking financial business. Customers and counterparties should expect the firms to cease regulated NBFC operations; any continuation of such activity would be impermissible under the RBI Act.
Published as Jumbo Finvest (India) Limited
Published as Champion Agro Finance Limited
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