Recorded RBI impact
License cancellation
License cancellation · Fresh imposition
Published by RBI
1 Jul 2010
Case Brief
On June 7, 2010, the Reserve Bank of India cancelled the Certificate of Registration granted to M/s. Greenbay Finance and Investments Limited, whose registered office was in Hyderabad. The cancellation was issued under Section 45-IA(6) of the RBI Act, 1934, after the company opted to exit the business of a non-banking financial institution. As a result, the company can no longer transact the business of a non-banking financial institution.
Why RBI Acted
The Reserve Bank of India cancelled, on June 7, 2010, the certificate of registration originally granted on March 11, 1998 to M/s. Greenbay Finance and Investments Limited. The reason stated is that the company had opted to exit from the business of a non-banking financial institution. The cancellation was under Section 45-IA(6) of the RBI Act, 1934.
Operating Impact
The company is no longer permitted to carry on NBFC business. This affects the entity directly and means it cannot undertake regulated non-banking financial institution activities after the cancellation date.
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 Jun 2010
- Effective From
- 7 Jun 2010
- Entities Affected
- 1
- Entity Role
- Primary
- Entity Type
- NBFC