Reserve Bank Cancels Certificate of Registration of Maggy Finance Private Limited, Nellore
Case Brief
RBI cancelled the Certificate of Registration granted to Maggy Finance Private Limited, Nellore, under Section 45IA of the RBI Act, 1934. As a result, the company cannot carry on the business of a non-banking financial institution. RBI further prohibited it from accepting deposits and from alienating its assets under Section 45MB(1) and 45MB(2). The company must still repay public deposits according to the contract terms.
The Reserve Bank of India cancelled the Certificate of Registration granted to Maggy Finance Private Limited, Nellore, under Section 45IA of the RBI Act, 1934, for carrying on the business of a non-banking financial institution. Following the cancellation, the company cannot transact the business of a non-banking financial institution. RBI also prohibited the company from accepting deposits under Section 45MB(1) and from alienating its assets under Section 45MB(2). The release notes that the company remains obligated to repay public deposits as per the terms and conditions of the deposit contract.
Severity Assessment
Cancellation of an NBFC Certificate of Registration is a full operating prohibition and is severity 5.
Maggy Finance Private Limited can no longer operate as a non-banking financial company. It must cease NBFC საქმიანity, cannot accept new deposits or dispose of assets, and must continue repaying existing public deposits according to contractual terms. Existing depositors are affected by the repayment obligation, while the company’s business operations are effectively shut down.
Published as Maggy Finance Private Limited
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