Recorded RBI impact
License cancellation
License cancellation · Fresh imposition
Published by RBI
16 Jul 2014
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration of Sri Sri Hire Purchase and Finance Limited, which is a non-banking financial company (NBFC). The release states that the cancellation was for carrying on the business of a non-banking financial institution. Following the cancellation, the company cannot transact the business of a non-banking financial institution.
Why RBI Acted
The Reserve Bank of India cancelled the Certificate of Registration of Sri Sri Hire Purchase and Finance Limited, an NBFC, for carrying on the business of a non-banking financial institution. As a result of the cancellation, the company can no longer transact the business of a non-banking financial institution.
Operating Impact
Sri Sri Hire Purchase and Finance Limited loses the legal ability to operate as a non-banking financial institution. Customers and counterparties should expect the NBFC to cease such business activities, and no fresh non-banking financial institution transactions can be undertaken.
Action Facts
- Primary Impact
- License cancellation
- Entities Affected
- 1
- Entity Role
- Primary
- Entity Type
- NBFC