Recorded RBI impact
License cancellation
License cancellation · Fresh imposition
Published by RBI
23 Jun 2008
Case Brief
On April 2, 2008, the Reserve Bank of India cancelled the Certificate of Registration granted to Maithri Financial Services Limited, whose registered office was in Hyderabad. The cancellation was made under Section 45-IA(6) of the RBI Act, 1934, and means the company cannot transact the business of a non-banking financial institution.
Why RBI Acted
The Reserve Bank of India cancelled the Certificate of Registration granted to Maithri Financial Services Limited under Section 45-IA(6) of the RBI Act, 1934. As a result, the company can no longer transact the business of a non-banking financial institution.
Operating Impact
Maithri Financial Services Limited must stop carrying on non-banking financial institution activities. Customers and counterparties should no longer treat it as authorised to conduct NBFC business after the cancellation date.
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
- 2 Apr 2008
- Effective From
- 2 Apr 2008
- Entities Affected
- 1
- Entity Role
- Primary
- Entity Type
- NBFC