Recorded RBI impact
License cancellation
License cancellation · Fresh imposition
Published by RBI
19 Nov 2018
Case Brief
RBI, acting under Section 45-IA(6) of the RBI Act, 1934, cancelled the Certificate of Registration of 32 companies. The release lists each affected company and states that, as a result, they shall not transact the business of a Non-Banking Financial Institution under Section 45-I(a) of the RBI Act, 1934.
Why RBI Acted
The Reserve Bank of India exercised powers under Section 45-IA(6) of the RBI Act, 1934 to cancel the Certificate of Registration (CoR) of 32 listed companies. Following cancellation, 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 32 named companies are barred from carrying on NBFC business going forward. This affects their ability to undertake non-banking financial institution activities and requires them to cease such operations immediately from the cancellation date stated for each company.
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
- 32
- Entity Role
- Bulk Member
- Entity Type
- NBFC
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