Recorded RBI impact
License cancellation
License cancellation · Fresh imposition
Published by RBI
21 Sept 2018
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration of 30 companies under Section 45-IA(6) of the RBI Act, 1934. The companies listed in the release are therefore no longer permitted to 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 its powers under Section 45-IA(6) of the RBI Act, 1934 to cancel the Certificate of Registration of 30 named companies. The release states that, as a result, 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
The 30 named companies must stop carrying on NBFC business. This directly affects the companies and their customers/counterparties who may have existing financial relationships with them.
Regulatory Basis
- Section 45-IA (6) of the Reserve Bank of India Act, 1934
- clause (a) of Section 45-I of the RBI Act, 1934
Action Facts
- Primary Impact
- License cancellation
- Effective From
- 12 Jul 2018
- Entities Affected
- 30
- Entity Role
- Bulk Member
- Entity Type
- NBFC
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