Recorded RBI impact
License cancellation
License cancellation · Fresh imposition
Published by RBI
16 Oct 2014
Case Brief
The Reserve Bank of India has cancelled the Certificate of Registration of APS Hire Purchase Limited under Section 45-IA(6) of the Reserve Bank of India Act, 1934. This is a licence-cancellation action against the NBFC, and the release does not provide any further factual details on the underlying reasons.
Why RBI Acted
The Reserve Bank of India cancelled the certificate of registration of APS Hire Purchase Limited, a non-banking financial company, in exercise of its powers under Section 45-IA(6) of the Reserve Bank of India Act, 1934. The release does not state any additional underlying misconduct beyond the cancellation action itself.
Operating Impact
APS Hire Purchase Limited can no longer operate as an NBFC under the cancelled registration. The action affects the company directly and may affect its customers and counterparties through the cessation of regulated NBFC activities.
Regulatory Basis
- Section 45-IA (6) of the Reserve Bank of India Act, 1934
Action Facts
- Primary Impact
- License cancellation
- Entities Affected
- 1
- Entity Role
- Primary
- Entity Type
- NBFC