Recorded RBI impact
License cancellation
License cancellation · Fresh imposition
Published by RBI
12 Nov 2018
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration of 30 non-banking financial companies under Section 45-IA(6) of the RBI Act, 1934. The order lists each company and its registered office, and it states that the companies shall not transact the business of a Non-Banking Financial Institution as defined under the RBI Act.
Why RBI Acted
In exercise of powers under Section 45-IA(6) of the RBI Act, 1934, RBI cancelled the Certificate of Registration of 30 listed companies. The release states that, as such, these companies shall not transact the business of a Non-Banking Financial Institution as defined in clause (a) of Section 45-I of the RBI Act, 1934.
Operating Impact
All 30 companies are barred from carrying on NBFC business going forward. Customers, counterparties, and other stakeholders should treat the entities as no longer authorised to operate as non-banking financial institutions from the stated cancellation dates.
Regulatory Basis
- Section 45-IA (6) of the Reserve Bank of India Act, 1934
- Section 45-I of the RBI Act, 1934
Action Facts
- Primary Impact
- License cancellation
- Effective From
- 30 Aug 2018
- Entities Affected
- 30
- Entity Role
- Bulk Member
- Entity Type
- NBFC
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