Recorded RBI impact
License cancellation
License cancellation · Fresh imposition
Published by RBI
9 Feb 2024
Case Brief
The Reserve Bank of India, exercising powers under Section 45-IA(6) of the RBI Act, 1934, cancelled the Certificate of Registration of three NBFCs: Bharathu Investment & Finance India Limited, Cox & Kings Financial Service Limited, and PSPR Enterprises Private Limited. The release states that, following cancellation, these companies shall not transact the business of a Non-Banking Financial Institution as defined in the RBI Act.
Why RBI Acted
The Reserve Bank of India cancelled the Certificate of Registration of Bharathu Investment & Finance India Limited, Cox & Kings Financial Service Limited, and PSPR Enterprises Private Limited under Section 45-IA(6) of the RBI Act, 1934. As a result, these companies cannot transact the business of a Non-Banking Financial Institution as defined under Section 45-I(a) of the RBI Act, 1934.
Operating Impact
All three companies are barred from carrying on NBFC business going forward. Customers and counterparties should treat them as no longer authorized to operate as Non-Banking Financial Institutions. The order is effective from the respective cancellation order dates stated in the release.
Regulatory Basis
- Section 45-IA (6) of the Reserve Bank of India Act, 1934
- Section 45-I(a) of the RBI Act, 1934
Action Facts
- Primary Impact
- License cancellation
- Order Date
- 17 Jan 2024
- Effective From
- 17 Jan 2024
- Entities Affected
- 3
- Entity Role
- Primary
- Entity Type
- NBFC
Related Entities
Entities similar to Bharathu Investment & Finance India Limited