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M/s Mumbai Discount Finance Private Limited

NBFCMumbai, Maharashtra

The RBI action, regulatory basis, and operating impact linked to this entity.

Recorded RBI impact

License cancellation

License cancellation · Fresh imposition

S5

Published by RBI

18 Apr 2017

Case Brief

The Reserve Bank of India cancelled the Certificate of Registration of four NBFCs: M/s Mumbai Discount Finance Private Limited, M/s Sanjay Villa Pvt. Ltd. (presently M/s BISWA Microfinance Pvt. Ltd.), M/s Multani Motor Finance Limited, and M/s Jain Sons Marketing and Investment Limited. The cancellations were made under Section 45-IA(6) of the RBI Act, 1934. Following cancellation, the companies are not permitted to transact the business of a Non-Banking Financial Institution under Section 45-I(a) of the Act.

Why RBI Acted

Licensing breach

The Reserve Bank of India cancelled the Certificates of Registration of four Non-Banking Financial Companies under Section 45-IA(6) of the Reserve Bank of India Act, 1934. The listed entities are M/s Mumbai Discount Finance Private Limited, M/s Sanjay Villa Pvt. Ltd. (presently M/s BISWA Microfinance Pvt. Ltd.), M/s Multani Motor Finance Limited, and M/s Jain Sons Marketing and Investment Limited. As a result, these companies cannot carry on the business of a Non-Banking Financial Institution as defined under Section 45-I(a) of the RBI Act, 1934.

Operating Impact

All four named companies are barred from carrying on NBFC business going forward. Customers and counterparties should not rely on them for regulated non-banking financial services after the cancellation dates.

Regulatory Basis

  • Section 45-IA (6) of the Reserve Bank of India Act, 1934
  • clause (a) of Section 45-I of the Reserve Bank of India Act, 1934

Action Facts

Primary Impact
License cancellation
Effective From
20 Apr 2015
Entities Affected
4
Entity Role
Primary
Entity Type
NBFC

Related Entities

Entities similar to M/s Mumbai Discount Finance Private Limited

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  1. M/s Jain Sons Marketing and Investment Limited

    NBFC · Mumbai, Maharashtra

    1 shared action

    1 restriction

  2. M/s Multani Motor Finance Limited

    NBFC · Mumbai, Maharashtra

    1 shared action

    1 restriction

  3. M/s Sanjay Villa Pvt. Ltd. (Presently M/s BISWA Microfinance Pvt. Ltd.)

    NBFC · Mumbai, Maharashtra

    1 shared action

    1 restriction