Recorded RBI impact
License cancellation
License cancellation · Fresh imposition
Published by RBI
19 Jul 2018
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration of 16 companies under Section 45-IA(6) of the RBI Act, 1934. The release names the companies and states that, following cancellation, they shall not transact the business of a Non-Banking Financial Institution as defined in the RBI Act.
Why RBI Acted
The Reserve Bank of India, exercising powers under Section 45-IA(6) of the RBI Act, 1934, cancelled the Certificate of Registration of 16 companies. The release lists each company and states that, as a result, they shall not transact the business of a Non-Banking Financial Institution as defined under clause (a) of Section 45-I of the RBI Act, 1934.
Operating Impact
The 16 named companies are prohibited from carrying on NBFC activities going forward. This directly affects each company’s ability to operate as a non-banking financial institution and informs counterparties and customers that NBFC business can no longer be conducted by them.
Regulatory Basis
- Section 45-IA (6) of the Reserve Bank of India Act, 1934
- Section 45-I of the RBI Act, 1934
Action Facts
- Primary Impact
- License cancellation
- Entities Affected
- 16
- Entity Role
- Bulk Member
- Entity Type
- NBFC
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