Recorded RBI impact
License cancellation
License cancellation · Fresh imposition
Published by RBI
2 May 2019
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 24 NBFCs named in the release. The order lists each company and the date on which its CoR was cancelled. Following the cancellation, the entities are prohibited from transacting the business of a Non-Banking Financial Institution under the RBI Act.
Why RBI Acted
The Reserve Bank of India cancelled the Certificate of Registration (CoR) of 24 companies under Section 45-IA(6) of the Reserve Bank of India Act, 1934. The release lists each company and its CoR cancellation date. As a consequence, the above companies shall not transact the business of a Non-Banking Financial Institution as defined in clause (a) of Section 45-I of the RBI Act, 1934.
Operating Impact
The 24 named NBFCs must stop carrying on non-banking financial institution business. Customers, counterparties, and other stakeholders should treat the firms as no longer authorized to operate as NBFCs, and the cancellation takes effect from the respective cancellation dates stated in the release.
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
- 12 Mar 2019
- Effective From
- 12 Mar 2019
- Entities Affected
- 24
- Entity Role
- Primary
- Entity Type
- NBFC
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