Recorded RBI impact
License cancellation
License cancellation · Fresh imposition
Published by RBI
1 Jul 2005
Case Brief
The Reserve Bank of India cancelled the certificate of registration issued to Map Credit and Capital Limited, whose registered office was in New Delhi, effective June 18, 2005. The action was taken under Section 45IA of the RBI Act, 1934, which authorizes RBI to cancel the registration certificate of a non-banking financial company.
Why RBI Acted
The Reserve Bank of India cancelled the certificate of registration issued to Map Credit and Capital Limited, New Delhi, for carrying on the business of a non-banking financial institution. The release states that RBI exercised its powers under Section 45IA of the Reserve Bank of India Act, 1934, which empowers it to cancel the registration certificate of a non-banking financial company.
Operating Impact
Map Credit and Capital Limited can no longer carry on the business of a non-banking financial institution under its RBI registration. The company is directly affected, and any continuation of NBFC activities would no longer be permitted under the cancelled certificate.
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
- 18 Jun 2005
- Effective From
- 18 Jun 2005
- Entities Affected
- 1
- Entity Role
- Primary
- Entity Type
- NBFC