Recorded RBI impact
License cancellation
License cancellation · Fresh imposition
Published by RBI
6 Nov 2018
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration of 30 named companies under Section 45-IA(6) of the RBI Act, 1934. The entities span multiple locations, including many based in Kolkata, and include Divine Leasing and Finance Limited, Esquire Financial Services Limited, and others listed in the release. Following cancellation, the companies are not permitted to 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 RBI Act, 1934, the Reserve Bank of India cancelled the Certificate of Registration (CoR) of 30 named companies. The release states that, as a result, the 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 30 companies are barred from conducting NBFC business going forward. Customers and counterparties should treat the firms as no longer authorised to operate as non-banking financial institutions; any new NBFC activity must cease immediately.
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
- 29 Aug 2018
- Entities Affected
- 30
- Entity Role
- Bulk Member
- Entity Type
- NBFC
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