Recorded RBI impact
License cancellation
License cancellation · Fresh imposition
Published by RBI
10 Jan 2019
Case Brief
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 companies. The release names each affected company and states the respective dates of cancellation. As a result, the companies shall not transact the business of a Non-Banking Financial Institution 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 32 named companies. The press release lists each company and its date of cancellation. The stated consequence is that 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 barred from carrying on NBFC business going forward. Customers and counterparties should treat them as no longer authorised to operate as registered NBFCs from the stated cancellation dates.
Regulatory Basis
- Section 45-IA (6) of the Reserve Bank of India Act, 1934
- Section 45-I(a) of the RBI Act, 1934
Action Facts
- Primary Impact
- License cancellation
- Effective From
- 11 Sept 2018
- Entities Affected
- 32
- Entity Role
- Bulk Member
- Entity Type
- NBFC
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