Recorded RBI impact
License cancellation
License cancellation · Fresh imposition
Published by RBI
3 Feb 2015
Case Brief
The Reserve Bank of India has cancelled the Certificate of Registration of M/s Rhine & Raavi Credits & Holdings Ltd., a non-banking financial company based in New Delhi. The cancellation was made under Section 45-IA(6) of the RBI Act, 1934 and is stated to have been taken on supervisory grounds, meaning the company can no longer operate as an NBFC under its registration.
Why RBI Acted
The Reserve Bank of India cancelled the Certificate of Registration of M/s Rhine & Raavi Credits & Holdings Ltd., a non-banking financial company, in exercise of powers under Section 45-IA(6) of the RBI Act, 1934. The release states the action was taken on supervisory grounds.
Operating Impact
The company loses its NBFC registration and must cease any activities that require a valid Certificate of Registration. This is a severe forward-looking restriction affecting the entity directly; counterparties and customers should no longer rely on it functioning as a registered NBFC.
Regulatory Basis
- Section 45-IA (6) of the Reserve Bank of India Act, 1934
Action Facts
- Primary Impact
- License cancellation
- Entities Affected
- 1
- Entity Role
- Primary
- Entity Type
- NBFC