Recorded RBI impact
License cancellation
License cancellation · Fresh imposition
Published by RBI
14 Nov 2018
Case Brief
The Reserve Bank of India, acting under Section 45-IA(6) of the RBI Act, 1934, cancelled the Certificate of Registration of 32 companies. The release lists each company and its registered office details, and states that these entities shall not transact the business of a Non-Banking Financial Institution as defined under the RBI Act.
Why RBI Acted
In exercise of powers under Section 45-IA(6) of the Reserve Bank of India Act, 1934, RBI cancelled the Certificate of Registration (CoR) of 32 named companies. As a result, the companies shall not transact the business of a Non-Banking Financial Institution, as defined in clause (a) of Section 45-I of the RBI Act, 1934.
Operating Impact
All 32 listed companies must stop carrying on NBFC business with immediate effect from the cancellation dates stated against each company. Customers, counterparties, and other stakeholders should treat them as no longer authorized to conduct non-banking financial institution activity.
Regulatory Basis
- Section 45-IA (6) of the Reserve Bank of India Act, 1934
- clause (a) of Section 45-I of the RBI Act, 1934
Action Facts
- Primary Impact
- License cancellation
- Entities Affected
- 32
- Entity Role
- Bulk Member
- Entity Type
- NBFC
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