Recorded RBI impact
License cancellation
License cancellation · Fresh imposition
Published by RBI
1 Aug 2014
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration of M/s DSL Finance Pvt. Ltd. and M/s Malayalam Hire Purchase and Leasing (P) Ltd. These entities are non-banking financial institutions, and the cancellation was issued under clause (a) of Section 45-I of the Reserve Bank of India Act, 1934.
Why RBI Acted
The Reserve Bank of India cancelled the Certificate of Registration of two non-banking financial institutions: M/s DSL Finance Pvt. Ltd. and M/s Malayalam Hire Purchase and Leasing (P) Ltd. The cancellation was made under the powers conferred by clause (a) of Section 45-I of the Reserve Bank of India Act, 1934.
Operating Impact
The two NBFIs can no longer operate as RBI-registered non-banking financial institutions. Any business requiring the Certificate of Registration is affected immediately, and counterparties should treat the firms as no longer holding the licence.
Regulatory Basis
- clause (a) of Section 45-I of the Reserve Bank of India Act, 1934
Action Facts
- Primary Impact
- License cancellation
- Entities Affected
- 2
- Entity Role
- Bulk Member
- Entity Type
- NBFC
Related Entities
Entities similar to M/s DSL Finance Pvt. Ltd