Recorded RBI impact
License cancellation
License cancellation · Fresh imposition
Published by RBI
26 Oct 2018
Case Brief
In a Section 45-IA(6) action under the RBI Act, 1934, the Reserve Bank of India cancelled the Certificate of Registration of 32 companies. The release names each company and gives the corresponding registered office and cancellation date. As a result, these entities are barred from transacting the business of a Non-Banking Financial Institution as defined in Section 45-I(a) of the RBI Act, 1934.
Why RBI Acted
The Reserve Bank of India exercised powers under Section 45-IA(6) of the RBI Act, 1934 to cancel the Certificate of Registration (CoR) of 32 companies. The release lists each company and its CoR/cancellation dates, and states that these companies shall not transact the business of a Non-Banking Financial Institution as defined in Section 45-I(a) of the RBI Act, 1934.
Operating Impact
All 32 listed companies lose their NBFC registration and must stop transacting NBFC business. Customers, counterparties, and other stakeholders should not treat them as authorised to conduct non-banking financial institution activity after the cancellation dates.
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
- Effective From
- 1 Aug 2018
- Entities Affected
- 32
- Entity Role
- Bulk Member
- Entity Type
- NBFC
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