Recorded RBI impact
License cancellation
License cancellation · Fresh imposition
Published by RBI
29 Apr 2024
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration of M/s Acemoney (India) Limited under Section 45-IA(6) of the RBI Act, 1934. This is a cancellation of the NBFC’s registration and therefore a full adverse action. The title identifies irregular lending practices as the reason for the cancellation.
Why RBI Acted
In exercise of powers under Section 45-IA(6) of the Reserve Bank of India Act, 1934, the Reserve Bank cancelled the Certificate of Registration issued to M/s Acemoney (India) Limited, an NBFC. The release title states the reason as irregular lending practices.
Operating Impact
M/s Acemoney (India) Limited can no longer operate as an NBFC under its Certificate of Registration. The action is forward-looking and affects the company’s ability to carry on regulated lending activities; any borrowers or counterparties relying on its NBFC status are impacted.
Regulatory Basis
- Section 45-IA (6) of the Reserve Bank of India Act, 1934
Action Facts
- Primary Impact
- License cancellation
- Entities Affected
- 1
- Entity Role
- Primary
- Entity Type
- NBFC