Recorded RBI impact
License cancellation
License cancellation · Fresh imposition
Published by RBI
22 Jul 2005
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration of Ennoble India Savings and Investment Co. Ltd., whose registered office is in Bellary, Karnataka. The cancellation was issued on July 12, 2005 under Section 45-IA of the RBI Act, 1934, for carrying on the business of a non-banking financial institution.
Why RBI Acted
On July 12, 2005, RBI cancelled the Certificate of Registration issued to Ennoble India Savings and Investment Co. Ltd., Bellary, for carrying on the business of a non-banking financial institution. The release cites Section 45-IA of the RBI Act, 1934, which empowers RBI to cancel the registration certificate of an NBFC.
Operating Impact
The company loses its regulatory authorization to carry on NBFC business. It must cease operating as a non-banking financial institution, and customers/counterparties can no longer treat it as an RBI-registered NBFC.
Regulatory Basis
- Section 45-IA of the Reserve Bank of India Act, 1934
Action Facts
- Primary Impact
- License cancellation
- Order Date
- 12 Jul 2005
- Effective From
- 12 Jul 2005
- Entities Affected
- 1
- Entity Role
- Primary
- Entity Type
- NBFC