Recorded RBI impact
License cancellation
License cancellation · Fresh imposition
Published by RBI
26 Dec 2003
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration of Apple Credit Corporation Limited, Chennai, on December 12, 2003. The action was taken under Section 45IA(6) of the RBI Act, 1934 after the company opted to exit the business of a non-banking financial institution. Following the cancellation, the company cannot transact NBFC business.
Why RBI Acted
On December 12, 2003, RBI cancelled the Certificate of Registration issued to Apple Credit Corporation Limited under Section 45IA(6) of the RBI Act, 1934. The release states that the company had opted to exit from the business of a non-banking financial institution, and therefore its registration was cancelled. As a result, the company can no longer carry on NBFC business.
Operating Impact
Apple Credit Corporation Limited is no longer permitted to conduct non-banking financial institution business. This ends its regulated NBFC operations and affects any counterparties relying on its NBFC activities.
Regulatory Basis
- Section 45IA (6) of the Reserve Bank of India Act, 1934
- clause (a) of Section 45IA of the Reserve Bank of India Act, 1934
Action Facts
- Primary Impact
- License cancellation
- Order Date
- 12 Dec 2003
- Effective From
- 12 Dec 2003
- Entities Affected
- 1
- Entity Role
- Primary
- Entity Type
- NBFC