Recorded RBI impact
License cancellation
License cancellation · Fresh imposition
Published by RBI
26 Oct 2002
Case Brief
The Reserve Bank of India notified that it has cancelled, as surrendered, the Certificate of Registration issued to Beeyamaar Finance Private Limited under Section 45-IA(6) of the RBI Act, 1934. The cancellation took effect on October 25, 2002. As a result, the company is not permitted to transact the business of a non-banking financial institution under the Act.
Why RBI Acted
Under Section 45-IA(6) of the RBI Act, 1934, the Reserve Bank of India cancelled, as 'surrendered' on October 25, 2002, the Certificate of Registration issued to Beeyamaar Finance Private Limited to carry on the business of a non-banking financial institution. The release states that the company can no longer transact the business of a non-banking financial institution as defined under Section 45-I(a).
Operating Impact
Beeyamaar Finance Private Limited loses the legal ability to operate as a non-banking financial institution. Customers and counterparties should not treat it as an authorised NBFC after the cancellation date.
Regulatory Basis
- Section 45 IA (6) of the Reserve Bank of India Act, 1934
- Section 45 I of the Reserve Bank of India Act, 1934
Action Facts
- Primary Impact
- License cancellation
- Order Date
- 25 Oct 2002
- Effective From
- 25 Oct 2002
- Entities Affected
- 1
- Entity Role
- Primary
- Entity Type
- NBFC