Recorded RBI impact
License cancellation
License cancellation · Fresh imposition
Published by RBI
9 Nov 2018
Case Brief
In exercise of powers under Section 45-IA(6) of the RBI Act, 1934, the Reserve Bank of India cancelled the Certificate of Registration of 31 companies. The entities include multiple NBFCs based mainly in Kolkata, along with firms in Kanpur, Agra/Aligarh, and Muzaffarnagar. As a result, the listed companies are barred from transacting the business of a non-banking financial institution under Section 45-I(a) of the RBI Act.
Why RBI Acted
The Reserve Bank of India exercised its powers under Section 45-IA(6) of the RBI Act, 1934 to cancel the Certificate of Registration of 31 companies. The release states that the listed 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
The affected companies must stop carrying on NBFC business. Customers and counterparties should treat them as no longer authorised to operate as non-banking financial institutions; the restriction applies to all 31 listed entities effective from the cancellation dates stated against each company.
Regulatory Basis
- Section 45-IA (6) of the Reserve Bank of India Act, 1934
- Section 45-I of the RBI Act, 1934
Action Facts
- Primary Impact
- License cancellation
- Effective From
- 12 Sept 2018
- Entities Affected
- 31
- Entity Role
- Bulk Member
- Entity Type
- NBFC
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