Recorded RBI impact
License cancellation
License cancellation · Fresh imposition
Published by RBI
8 Jan 2019
Case Brief
The RBI exercised its powers under Section 45-IA(6) of the RBI Act, 1934 to cancel the Certificate of Registration of 13 NBFCs. The order names each company and, as a result, they are prohibited from transacting the business of a Non-Banking Financial Institution under Section 45-I(a) of the RBI Act, 1934.
Why RBI Acted
In exercise of powers under Section 45-IA(6) of the RBI Act, 1934, the RBI cancelled the Certificate of Registration of 13 companies. The listed entities can no longer transact the business of a Non-Banking Financial Institution as defined in Section 45-I(a) of the RBI Act, 1934.
Operating Impact
All 13 companies lose the legal ability to carry on NBFC business. This directly affects the entities themselves and any customers or counterparties dealing with them as NBFCs; they must cease NBFC operations from the cancellation dates stated in the release.
Regulatory Basis
- Section 45-IA (6) of the Reserve Bank of India Act, 1934
- clause (a) of Section 45-I of the RBI Act, 1934
Action Facts
- Primary Impact
- License cancellation
- Effective From
- 28 Aug 2018
- Entities Affected
- 13
- Entity Role
- Bulk Member
- Entity Type
- NBFC
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