Recorded RBI impact
License cancellation
License cancellation · Fresh imposition
Published by RBI
19 Jun 2008
Case Brief
On May 20, 2008, the Reserve Bank of India cancelled the Certificate of Registration granted to Haryana Saving Units Private Limited, whose registered office was in Bangalore. The cancellation was made under Section 45-IA(6) of the RBI Act, 1934, after the company opted to exit the business of a non-banking financial institution. Following the cancellation, the company cannot transact NBFC business.
Why RBI Acted
The Reserve Bank of India cancelled the Certificate of Registration granted to Haryana Saving Units Private Limited under Section 45-IA(6) of the RBI Act, 1934. The release states that the company had opted to exit from the business of a non-banking financial institution, and as a result it can no longer transact NBFC business.
Operating Impact
Haryana Saving Units Private Limited is no longer permitted to conduct non-banking financial institution business. The immediate impact is operational cessation of NBFC activity by the company; no separate fine or continuing restriction is mentioned.
Regulatory Basis
- Section 45-IA (6) of the Reserve Bank of India Act, 1934
Action Facts
- Primary Impact
- License cancellation
- Order Date
- 20 May 2008
- Effective From
- 20 May 2008
- Entities Affected
- 1
- Entity Role
- Primary
- Entity Type
- NBFC