Recorded RBI impact
License cancellation
License cancellation · Fresh imposition
Published by RBI
18 Jul 2019
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration of 10 NBFCs under Section 45-IA(6) of the RBI Act, 1934. The press release names the companies and gives the dates on which their CoRs were cancelled. Following cancellation, the companies are barred from transacting the business of a Non-Banking Financial Institution under the RBI Act.
Why RBI Acted
The Reserve Bank of India, in exercise of powers under Section 45-IA(6) of the RBI Act, 1934, cancelled the Certificate of Registration (CoR) of 10 companies. The release lists the affected entities and the respective cancellation dates. As a result, these companies shall not transact the business of a Non-Banking Financial Institution as defined in Section 45-I(a) of the RBI Act, 1934.
Operating Impact
All 10 listed companies lose permission to operate as NBFCs and must stop non-banking financial business activities. Customers and counterparties should treat them as no longer authorised NBFCs from the respective cancellation dates.
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
- Effective From
- 28 May 2019
- Entities Affected
- 10
- Entity Role
- Bulk Member
- Entity Type
- NBFC
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