Recorded RBI impact
License cancellation
License cancellation · Fresh imposition
Published by RBI
11 Feb 2019
Case Brief
The Reserve Bank of India, acting under Section 45-IA(6) of the RBI Act, 1934, cancelled the Certificate of Registration of 32 NBFCs. The order lists the affected companies and states that, as a result, they shall not transact the business of a Non-Banking Financial Institution as defined in Section 45-I(a) of the RBI Act, 1934.
Why RBI Acted
In exercise of powers under Section 45-IA(6) of the RBI Act, 1934, the Reserve Bank of India cancelled the Certificates of Registration of 32 named companies. The release states that as such, these 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 prohibited from carrying on NBFC business going forward. Customers and counterparties should not rely on them for non-banking financial services after the respective cancellation dates stated in the release.
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
- 13 Dec 2018
- Entities Affected
- 32
- Entity Role
- Bulk Member
- Entity Type
- NBFC
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