Recorded RBI impact
License cancellation
License cancellation · Fresh imposition
Published by RBI
17 Oct 2007
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration of M/s Sri Vishnudarshan Finance and Investments Ltd. on September 27, 2007. The company’s registered office is stated as Bangalore. RBI said the cancellation was because the company had opted to exit the business of a non-banking financial institution, and noted the action was taken under Section 45-IA(6) of the RBI Act, 1934.
Why RBI Acted
On September 27, 2007, the Reserve Bank of India cancelled the certificate of registration granted to M/s Sri Vishnudarshan Finance and Investments Ltd. The release says the company had opted to exit from the business of a non-banking financial institution. The cancellation was issued under Section 45-IA(6) of the RBI Act, 1934.
Operating Impact
The company can no longer transact the business of a non-banking financial institution. The restriction applies to the named NBFC and effectively ends its regulated lending/finance operations under the RBI 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
- 27 Sept 2007
- Effective From
- 27 Sept 2007
- Entities Affected
- 1
- Entity Role
- Primary
- Entity Type
- NBFC