Recorded RBI impact
License cancellation
License cancellation · Fresh imposition
Published by RBI
22 Jan 2008
Case Brief
The Reserve Bank of India cancelled the certificate of registration of M/s. Biviyes Finance and Leasing Limited on January 7, 2008 under Section 45-IA(6) of the RBI Act, 1934. The entity was registered at Kundapura, Karnataka, and the cancellation was in relation to its carrying on the business of a non-banking financial institution. As a result, it cannot transact NBFC business going forward.
Why RBI Acted
The Reserve Bank of India cancelled the certificate of registration granted to M/s. Biviyes Finance and Leasing Limited under Section 45-IA(6) of the RBI Act, 1934. The release states that the cancellation was for carrying on the business of a non-banking financial institution; after cancellation, the entity cannot transact that business.
Operating Impact
M/s. Biviyes Finance and Leasing Limited is prohibited from conducting non-banking financial institution business after the cancellation takes effect. The immediate impact is on the company’s ability to operate as an NBFC; customers and counterparties should not expect the entity to continue NBFC საქმიანություն under the cancelled registration.
Regulatory Basis
- Section 45-IA (6) of the Reserve Bank of India Act, 1934
- Section 45-I of the Reserve Bank of India Act, 1934
Action Facts
- Primary Impact
- License cancellation
- Order Date
- 7 Jan 2008
- Effective From
- 7 Jan 2008
- Entities Affected
- 1
- Entity Role
- Primary
- Entity Type
- NBFC