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K K Patel Finance Limited

NBFCBangalore, Karnataka

The RBI action, regulatory basis, and operating impact linked to this entity.

Recorded RBI impact

License cancellation

License cancellation · Fresh imposition

S5

Published by RBI

12 May 2023

Case Brief

The Reserve Bank of India cancelled the Certificate of Registration of seven companies, including Coorg Tea Company Limited and six other named firms, under Section 45-IA(6) of the RBI Act, 1934. The release provides each company’s registered office, CoR number, and cancellation order date. Following cancellation, these companies are not permitted to transact the business of a Non-Banking Financial Institution under the RBI Act.

Why RBI Acted

Licensing breach

The Reserve Bank of India, exercising powers under Section 45-IA(6) of the RBI Act, 1934, cancelled the Certificate of Registration (CoR) of seven companies. The release lists the affected companies and their CoR and cancellation order dates. As a consequence, the companies are barred from transacting the business of a Non-Banking Financial Institution as defined in Section 45-I(a) of the RBI Act.

Operating Impact

All seven affected companies must stop NBFC activities immediately and cannot lawfully carry on non-banking financial institution business. Customers, borrowers, and counterparties should treat the entities as no longer authorised to operate as NBFCs. The order is effective from the stated cancellation dates for each company.

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
Order Date
20 Apr 2023
Effective From
20 Apr 2023
Entities Affected
7
Entity Role
Bulk Member
Entity Type
NBFC

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