Recorded RBI impact
License cancellation
License cancellation · Fresh imposition
Published by RBI
23 Sept 2008
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration of M/s. Reliance Petroinvetments Limited, based at Maker Chambers IV, Mumbai, 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. As a result, the company can no longer carry on NBFC business.
Why RBI Acted
The Reserve Bank of India cancelled the Certificate of Registration granted to M/s. Reliance Petroinvetments Limited, which was carrying on the business of a non-banking financial institution. The release states the cancellation was because the company had opted to exit from the business. The action was taken under Section 45-IA(6) of the RBI Act, 1934, and the company can no longer transact NBFC business.
Operating Impact
M/s. Reliance Petroinvetments Limited is barred from transacting non-banking financial institution business after cancellation of its registration. This ends its authority to operate as an NBFC; the action does not describe any direct impact on customers beyond the loss of NBFC operations.
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
- 8 Aug 2008
- Effective From
- 8 Aug 2008
- Entities Affected
- 1
- Entity Role
- Primary
- Entity Type
- NBFC