Rima Holdings Private Limited: RBI Enforcement History

Recorded RBI impact

License cancellation

License cancellation · Fresh imposition

Published by RBI

17 Sept 2018

Case Brief

The Reserve Bank of India, exercising powers under Section 45-IA(6) of the RBI Act, 1934, cancelled the Certificate of Registration of 27 companies. The affected entities are listed in the press release, and the cancellation date for all is 03 July, 2018. As a result, these companies are barred from transacting the business of a Non-Banking Financial Institution as defined under Section 45-I(a) of the RBI Act, 1934.

Why RBI Acted

Licensing breach

In exercise of powers under Section 45-IA(6) of the Reserve Bank of India Act, 1934, RBI cancelled the Certificate of Registration of 27 companies. The release lists each affected company and their CoR cancellation date as 03 July, 2018. Following cancellation, the companies are not permitted to transact the business of a Non-Banking Financial Institution as defined in Section 45-I(a) of the RBI Act, 1934.

Operating Impact

All 27 listed companies lose their authority to conduct NBFC business. They must cease non-banking financial institution საქმიანity immediately and cannot accept or continue such business operations under the cancelled registration.

Regulatory Basis

Section 45-IA (6) of the Reserve Bank of India Act, 1934
Section 45-I (a) of the RBI Act, 1934

Action Facts

Primary Impact: License cancellation
Order Date: 3 Jul 2018
Effective From: 3 Jul 2018
Entities Affected: 27
Entity Role: Bulk Member
Entity Type: NBFC

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Case Brief

Why RBI Acted

Operating Impact

Regulatory Basis

Action Facts

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