Recorded RBI impact
License cancellation
License cancellation · Fresh imposition
Published by RBI
1 Aug 2007
Case Brief
On June 12, 2007, the Reserve Bank of India cancelled the Certificate of Registration granted to M/s. Pariwar Finance & Investment (India) Limited, New Delhi, under Section 45-IA(6) of the RBI Act, 1934. The release says the company had opted to exit the business of a non-banking financial institution. Following the cancellation, the company can no longer transact the business of a non-banking financial institution.
Why RBI Acted
The Reserve Bank of India cancelled the certificate of registration granted to M/s. Pariwar Finance & Investment (India) Limited, New Delhi under Section 45-IA(6) of the RBI Act, 1934. The release states that the company had opted to exit from the business of a non-banking financial institution, and as a result RBI cancelled its CoR. After cancellation, the company cannot transact the business of a non-banking financial institution.
Operating Impact
The company must stop carrying on non-banking financial institution business. The restriction directly affects the entity and means it cannot conduct NBFC operations after the cancellation date.
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
- Order Date
- 12 Jun 2007
- Effective From
- 12 Jun 2007
- Entities Affected
- 1
- Entity Role
- Primary
- Entity Type
- NBFC