RBI Cancels registration certificate of Vasavi Financial Services Limited, Hyderabad as `surrendered'
Case Brief
The Reserve Bank of India cancelled the registration certificate of Vasavi Financial Services Limited, Hyderabad, which had been surrendered on September 24, 2003. The entity was a non-banking financial institution, and RBI invoked Section 45-1A(6) of the RBI Act, 1934 for the cancellation. RBI also stated that the company is prohibited from accepting deposits from the public under Section 45 MB(1).
RBI cancelled the registration certificate of Vasavi Financial Services Limited, Hyderabad, as surrendered on September 24, 2003. The company had been carrying on the business of a non-banking financial institution, and the cancellation was made under Section 45-1A(6) of the RBI Act, 1934. The release also states that the company has been prohibited from acceptance of deposits from the public under Section 45 MB(1).
Severity Assessment
Cancellation of an NBFC registration certificate is a license cancellation, which carries severity 5.
Vasavi Financial Services Limited can no longer operate as a registered NBFC and cannot accept public deposits. This removes its ability to carry on the regulated non-banking financial business covered by the registration certificate.
Published as Vasavi Financial Services Limited
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