Recorded RBI impact
License cancellation
License cancellation · Fresh imposition
Published by RBI
19 Dec 2018
Case Brief
RBI, acting under Section 45-IA(6) of the RBI Act, 1934, cancelled the Certificate of Registration of 30 companies. The entities are all NBFCs, and the order means they are no longer permitted to carry on business as a Non-Banking Financial Institution under the RBI Act.
Why RBI Acted
In exercise of powers under Section 45-IA(6) of the Reserve Bank of India Act, 1934, RBI cancelled the Certificate of Registration of 30 named companies. The release states that, as a result, the above companies shall not transact the business of a Non-Banking Financial Institution as defined in clause (a) of Section 45-I of the RBI Act, 1934.
Operating Impact
All 30 affected companies must stop transacting NBFC business. The action directly affects the companies named in the release and removes their regulatory permission to operate as non-banking financial institutions.
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
- Entities Affected
- 30
- Entity Role
- Bulk Member
- Entity Type
- NBFC
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