Recorded RBI impact
License cancellation
License cancellation · Fresh imposition
Published by RBI
9 Feb 2009
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration of M/s. Shine Blue Auto Finance Pvt. Ltd., whose registered office was in Jalandhar, under Section 45-IA(6) of the RBI Act, 1934. The release says the company had voluntarily exited the non-banking financial institution business. As a result, it 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. Shine Blue Auto Finance Pvt. Ltd. under Section 45-IA(6) of the RBI Act, 1934. The release states that the cancellation was because the company had voluntarily exited from the business of a non-banking financial institution.
Operating Impact
The company is prohibited from carrying on non-banking financial institution business going forward. This affects the entity directly and removes its ability to operate as an NBFC/financial institution under the cancelled registration.
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
- 15 Dec 2008
- Effective From
- 15 Dec 2008
- Entities Affected
- 1
- Entity Role
- Primary
- Entity Type
- NBFC