Recorded RBI impact
License cancellation
License cancellation · Fresh imposition
Published by RBI
29 Aug 2006
Case Brief
On 4 August 2006, the Reserve Bank of India cancelled the Certificate of Registration of M/s BCC Finance Limited, Indore. The cancellation was issued under Section 45-IA(6) of the Reserve Bank of India Act, 1934. The release says the company had opted to exit the business of a non-banking financial institution. As a result, the company cannot transact the business of a non-banking financial institution.
Why RBI Acted
The Reserve Bank of India cancelled the Certificate of Registration granted to M/s BCC Finance Limited, Indore under Section 45-IA(6) of the RBI Act, 1934. The release states that the company had opted to exit from the business of a non-banking financial institution, and therefore its registration was cancelled.
Operating Impact
M/s BCC Finance Limited can no longer carry on non-banking financial institution business after the cancellation. This removes its ability to operate as an NBFC and affects any customers or counterparties relying on its NBFC activities.
Regulatory Basis
- Section 45-IA (6) of the Reserve Bank of India Act, 1934
- Section 45-I(a) of the Reserve Bank of India Act, 1934
Action Facts
- Primary Impact
- License cancellation
- Order Date
- 4 Aug 2006
- Effective From
- 4 Aug 2006
- Entities Affected
- 1
- Entity Role
- Primary
- Entity Type
- NBFC