Recorded RBI impact
License cancellation
License cancellation · Fresh imposition
Published by RBI
20 Mar 2019
Case Brief
In a fresh adverse action, the Reserve Bank of India cancelled the Certificates of Registration of 29 NBFCs under Section 45-IA(6) of the RBI Act, 1934. The press release lists each company and its date of cancellation, and states that 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.
Why RBI Acted
The Reserve Bank of India exercised its powers under Section 45-IA(6) of the RBI Act, 1934 to cancel the Certificates of Registration of 29 companies. Following cancellation, these entities are no longer permitted to transact the business of a Non-Banking Financial Institution as defined in Section 45-I(a) of the RBI Act, 1934.
Operating Impact
Each of the 29 named companies must stop carrying on NBFC business. The cancellation prevents them from legally operating as non-banking financial institutions going forward.
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
- 14 Jan 2019
- Entities Affected
- 29
- Entity Role
- Bulk Member
- Entity Type
- NBFC
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