Recorded RBI impact
License cancellation
License cancellation · Fresh imposition
Published by RBI
15 Nov 2018
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration of 32 companies under Section 45-IA(6) of the RBI Act, 1934. The named entities are NBFCs/finance companies across Delhi, Uttar Pradesh, and Gujarat, and the release lists their registered office addresses and CoR dates of cancellation. RBI further stated that these companies shall not transact the business of a Non-Banking Financial Institution as defined in Section 45-I(a) of the RBI Act.
Why RBI Acted
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 32 companies. The release states that, as a result, the above companies shall not transact the business of a Non-Banking Financial Institution, as defined in clause (a) of Section 45-I of the RBI Act, 1934.
Operating Impact
All 32 affected companies lose the ability to carry on NBFC business going forward. Their registration stands cancelled, so they must cease operating as non-banking financial institutions and cannot legally undertake NBFC activities from the stated cancellation dates.
Regulatory Basis
- Section 45-IA (6) of the Reserve Bank of India Act, 1934
Action Facts
- Primary Impact
- License cancellation
- Effective From
- 12 Sept 2018
- Entities Affected
- 32
- Entity Role
- Bulk Member
- Entity Type
- NBFC
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