Recorded RBI impact
License cancellation
License cancellation · Fresh imposition
Published by RBI
8 Nov 2019
Case Brief
The Reserve Bank of India cancelled the Certificates of Registration of 27 companies under Section 45-IA(6) of the RBI Act, 1934. The release names each entity and provides the cancellation dates. Following cancellation, these companies are barred from transacting NBFC business as defined under the RBI Act.
Why RBI Acted
The Reserve Bank of India exercised its powers under Section 45-IA(6) of the RBI Act, 1934 to cancel the Certificate of Registration of 27 companies. The release lists each company and the respective date of cancellation. As a consequence, the 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 27 named companies are prohibited from carrying on NBFC business going forward. Customers and counterparties should treat the registration status as cancelled, and the entities cannot undertake non-banking financial institution activities after the stated cancellation dates.
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
- 27
- Entity Role
- Bulk Member
- Entity Type
- NBFC
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