Recorded RBI impact
License cancellation
License cancellation · Fresh imposition
Published by RBI
23 Jul 2014
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration of M/s Kotasar Limited and United Credit & Development Co. Limited, both non-banking financial companies, for carrying on the business of a non-banking financial institution. With the cancellation in force, the companies are barred from transacting NBFC business.
Why RBI Acted
The Reserve Bank of India cancelled the Certificate of Registration of the listed non-banking financial companies for carrying on the business of a non-banking financial institution. As a result of the cancellation, the companies can no longer transact the business of a non-banking financial institution.
Operating Impact
The two NBFCs must stop carrying on non-banking financial institution business. Customers and counterparties can no longer rely on them for NBFC services, and the action affects both entities immediately upon cancellation.
Action Facts
- Primary Impact
- License cancellation
- Entities Affected
- 2
- Entity Role
- Primary
- Entity Type
- NBFC
Related Entities
Entities similar to M/s Kotasar Limited