Recorded RBI impact
License cancellation
License cancellation · Fresh imposition
Published by RBI
25 Jul 2018
Case Brief
The Reserve Bank of India, exercising powers under Section 45-IA(6) of the RBI Act, 1934, cancelled the Certificates of Registration of 25 NBFCs named in the release. The order covers entities such as ABS Leasing & Financing (India) Limited, Akal Finlease Limited, Allepy Investment & Trading Co. Pvt. Ltd., and others listed in the notification. The cancellation means these companies are no longer permitted to transact the business of 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 25 named companies. As a result, the 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 25 entities are prohibited from conducting NBFC business going forward. Customers, counterparties, and lenders dealing with these companies must recognize that the entities no longer hold valid RBI registration to operate as NBFCs, effective from the stated cancellation date of May 30, 2018.
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
- 30 May 2018
- Entities Affected
- 25
- Entity Role
- Bulk Member
- Entity Type
- NBFC
Related Entities
Entities similar to Kooner Leasing Private Limited
ABS Leasing & Financing (India) Limited
NBFC · Rupnagar, Punjab
1 shared action
1 restriction
Akal Finlease Limited
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1 shared action
1 restriction
Allepy Investment & Trading Co. Pvt. Ltd
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1 shared action
1 restriction
Amarjit Finance Limited
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Ankit Hire Purchase Private Limited
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