Recorded RBI impact
License cancellation
License cancellation · Fresh imposition
Published by RBI
24 Oct 2018
Case Brief
The Reserve Bank of India, exercising powers under Section 45-IA(6) of the RBI Act, 1934, cancelled the Certificate of Registration of 30 companies. The release lists each affected company and states that, as a consequence, they shall not transact the business of a Non-Banking Financial Institution as defined in Section 45-I(a) of the RBI Act, 1934.
Why RBI Acted
The Reserve Bank of India cancelled the Certificate of Registration of 30 companies under Section 45-IA(6) of the RBI Act, 1934. As a result, these entities are no longer permitted to transact the business of a Non-Banking Financial Institution as defined in Section 45-I(a) of the RBI Act, 1934.
Operating Impact
All 30 affected companies are barred from carrying on NBFC business going forward. Any lending or other non-banking financial activity that depended on their CoR is prohibited, affecting their ability to operate as regulated NBFCs.
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
- Order Date
- 2 Aug 2018
- Effective From
- 2 Aug 2018
- Entities Affected
- 30
- Entity Role
- Bulk Member
- Entity Type
- NBFC
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