Recorded RBI impact
License cancellation
License cancellation · Fresh imposition
Published by RBI
23 Sept 2014
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration of two non-banking financial companies, namely M/s Prashant Industries Pvt Limited and P.D.Industries Pvt Limited. The action was taken because they were carrying on the business of a non-banking financial institution, and the cancellation means they can no longer transact such business.
Why RBI Acted
The Reserve Bank of India cancelled the Certificate of Registration of the listed non-banking financial companies for carrying on the business of non-banking financial institution. As a result of the cancellation, the companies can no longer transact the business of a non-banking financial institution.
Operating Impact
Both NBFCs lose the ability to carry on non-banking financial institution business. They must cease regulated NBFC operations, and counterparties/customers can no longer treat them as authorised to conduct that business.
Action Facts
- Primary Impact
- License cancellation
- Entities Affected
- 2
- Entity Role
- Bulk Member
- Entity Type
- NBFC
Related Entities
Entities similar to P.D.Industries Pvt Limited