Recorded RBI impact
License cancellation
License cancellation · Fresh imposition
Published by RBI
10 Aug 2005
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration of Nandambakkam Finance Company Private Limited, Chennai, on July 25, 2005. The cancellation was issued under Section 45-IA of the RBI Act, 1934, and the release says the company had opted to exit the business of a non-banking financial institution.
Why RBI Acted
On July 25, 2005, the Reserve Bank of India cancelled the Certificate of Registration issued to Nandambakkam Finance Company Private Limited, Chennai, under Section 45-IA of the RBI Act, 1934. The release states that the cancellation was because the company had opted to exit from the business of a non-banking financial institution.
Operating Impact
The company can no longer carry on non-banking financial institution business under the cancelled registration. This is a forward-looking cessation of its licensed NBFC activity from the effective cancellation date.
Regulatory Basis
- Section 45-IA of the Reserve Bank of India Act, 1934
- clause (a) of Section 45-IA of the Reserve Bank of India Act, 1934
Action Facts
- Primary Impact
- License cancellation
- Order Date
- 25 Jul 2005
- Effective From
- 25 Jul 2005
- Entities Affected
- 1
- Entity Role
- Primary
- Entity Type
- NBFC