Recorded RBI impact
License cancellation
License cancellation · Fresh imposition
Published by RBI
9 Feb 2005
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration issued to Maanasa Auto Finance Private Limited, having its registered office in Hyderabad, on 2 February 2005. The action was taken under Section 45IA of the Reserve Bank of India Act, 1934, which empowers RBI to cancel the registration certificate of a non-banking financial company. The release does not provide further factual details on the breach or grounds for cancellation.
Why RBI Acted
The Reserve Bank of India cancelled the certificate of registration issued to Maanasa Auto Finance Private Limited, Hyderabad, for carrying on the business of a non-banking financial institution. The release cites Section 45IA of the Reserve Bank of India Act, 1934 as the statutory basis for cancelling the registration certificate of a non-banking financial company, but does not state any additional factual violations or misconduct particulars.
Operating Impact
Maanasa Auto Finance Private Limited can no longer carry on non-banking financial business as a registered NBFC. Customers, counterparties, and other stakeholders should treat the firm as having lost its RBI registration, and the company would need to stop regulated NBFC activities subject to any applicable legal/process requirements.
Regulatory Basis
- Section 45IA of the Reserve Bank of India Act, 1934
- clause (a) of Section 45IA of the Reserve Bank of India Act, 1934
Action Facts
- Primary Impact
- License cancellation
- Order Date
- 2 Feb 2005
- Effective From
- 2 Feb 2005
- Entities Affected
- 1
- Entity Role
- Primary
- Entity Type
- NBFC