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Blue Peaks Deposits & Advances Limited

NBFCJalandhar, Punjab

The RBI action, regulatory basis, and operating impact linked to this entity.

Recorded RBI impact

License cancellation

License cancellation · Fresh imposition

S5

Published by RBI

2 Aug 2018

Case Brief

RBI, acting under Section 45-IA(6) of the Reserve Bank of India Act, 1934, cancelled the Certificate of Registration of 36 NBFCs listed in the release. The affected entities include firms based in Punjab, Chandigarh, Himachal Pradesh, Odisha, and Andhra Pradesh. The release further states that these companies shall not transact the business of a Non-Banking Financial Institution under Section 45-I(a) of the RBI Act, 1934.

Why RBI Acted

Licensing breach

In exercise of powers under Section 45-IA(6) of the Reserve Bank of India Act, 1934, RBI cancelled the Certificate of Registration (CoR) of 36 named companies. The release states that, as a consequence, these companies shall not transact the business of a Non-Banking Financial Institution as defined in Section 45-I(a) of the RBI Act, 1934.

Operating Impact

All 36 named companies lose their RBI registration and must stop carrying on NBFC business. Customers, borrowers, and counterparties dealing with these entities are impacted because the firms are no longer permitted to operate as non-banking financial institutions. The restriction is immediate as stated by the cancellation dates in the table.

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 May 2018
Entities Affected
36
Entity Role
Bulk Member
Entity Type
NBFC

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