Recorded RBI impact
Lifted
Action lifted · Lifted / withdrawn
Published by RBI
10 May 2024
Case Brief
The Reserve Bank of India announced cancellation of the Certificates of Registration (CoR) of 15 NBFCs. Six entities had exited the NBFI business, while the others had ceased to be legal entities because of amalgamation, merger, dissolution, voluntary strike-off, or related events. RBI exercised powers under Section 45-IA(6) of the RBI Act, 1934 to cancel the CoRs.
Why RBI Acted
RBI states that 15 NBFCs surrendered their Certificates of Registration (CoR). In exercise of powers under Section 45-IA(6) of the RBI Act, 1934, RBI therefore cancelled the CoRs. For six companies, the stated reason was exit from the Non-Banking Financial Institution (NBFI) business; for the remaining companies, the reason was that the NBFC ceased to be a legal entity due to amalgamation, merger, dissolution, voluntary strike-off, or similar events.
Operating Impact
These companies can no longer operate as NBFCs under the cancelled CoRs. The action does not reflect an imposed operational restriction for ongoing business conduct; rather, it follows surrender of registration or cessation of the entity itself. Depositors, borrowers, and counterparties should deal with the entities only in their post-cancellation/legal-closure status.
Regulatory Basis
- Section 45-IA (6) of the Reserve Bank of India Act, 1934
Action Facts
- Primary Impact
- Lifted
- Entities Affected
- 15
- Entity Role
- Bulk Member
- Entity Type
- NBFC
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