Recorded RBI impact
License cancellation
License cancellation · Fresh imposition
Published by RBI
12 Oct 2018
Case Brief
The Reserve Bank of India cancelled the Certificates of Registration of 31 companies under Section 45-IA(6) of the RBI Act, 1934. The release lists the affected entities and states that, as a result, they shall not transact the business of a Non-Banking Financial Institution as defined in 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 Certificates of Registration of 31 listed companies. The release states that, as such, 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
The 31 named companies are prohibited from carrying on NBFC business going forward. Customers and counterparties should no longer treat them as authorised non-banking financial institutions, and any future NBFC activity by these entities would be unauthorized.
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
- Entities Affected
- 31
- Entity Role
- Bulk Member
- Entity Type
- NBFC
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