Recorded RBI impact
License cancellation
License cancellation · Fresh imposition
Published by RBI
27 Mar 2012
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration issued to R.R.Finance and Projects Limited for carrying on the business of a non-banking financial institution. The order was issued on January 18, 2012 under Section 45-IA(6) of the RBI Act, 1934. RBI said the company had voluntarily exited from carrying on NBFI activities, and after cancellation it cannot transact the business of a non-banking financial institution.
Why RBI Acted
The Reserve Bank of India cancelled Certificate of Registration No. 09.00227 dated December 4, 1998, issued to R.R.Finance and Projects Limited, under Section 45-IA(6) of the RBI Act, 1934. The release states that the cancellation was because the company had voluntarily exited from carrying on non-banking financial institution (NBFI) activities.
Operating Impact
R.R.Finance and Projects Limited can no longer carry on non-banking financial institution business. The cancellation removes its RBI registration and prevents it from transacting NBFI activities going forward.
Regulatory Basis
- Section 45-IA (6) of the Reserve Bank of India Act, 1934
- Section 45-I of the Reserve Bank of India Act, 1934
Action Facts
- Primary Impact
- License cancellation
- Order Date
- 18 Jan 2012
- Effective From
- 18 Jan 2012
- Entities Affected
- 1
- Entity Role
- Primary
- Entity Type
- NBFC