Skip to Main Content

Swank Services Private Limited

NBFCNew Delhi, Delhi

The RBI action, regulatory basis, and operating impact linked to this entity.

Recorded RBI impact

License cancellation

License cancellation · Fresh imposition

S5

Published by RBI

28 Jul 2014

Case Brief

The Reserve Bank of India cancelled the Certificates of Registration of six NBFCs, namely GE Strategic Investments India (GESII), Profound Exports Private Limited, Two Brothers Holding Limited, Swank Services Private Limited, Praxis Consulting and Information Services Private Limited, and Credible Microfinance Ltd. The action was taken under Section 45-IA(6) of the RBI Act, 1934. As a result, these entities cannot transact the business of a non-banking financial institution.

Why RBI Acted

Licensing breach

The Reserve Bank of India cancelled the Certificate of Registration of six non-banking financial companies under Section 45-IA(6) of the RBI Act, 1934. The release states that following cancellation of the registration certificate, the companies cannot transact the business of a non-banking financial institution as defined in Section 45-I(a).

Operating Impact

The six named companies lose their authority to carry on NBFC business and must stop transacting as non-banking financial institutions. This directly affects the entities themselves and any counterparties relying on their NBFC operations.

Regulatory Basis

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

Action Facts

Primary Impact
License cancellation
Effective From
30 Apr 2014
Entities Affected
6
Entity Role
Bulk Member
Entity Type
NBFC

Related Entities

Entities similar to Swank Services Private Limited

˳

  1. Credible Microfinance Ltd. (formerly known as "Credible Securities & Finance Pvt. Ltd.")

    NBFC · New Delhi, Delhi

    1 shared action

    1 restriction

  2. GE Strategic Investments India (GESII)

    NBFC · New Delhi, Delhi

    1 shared action

    1 restriction

  3. Praxis Consulting and Information Services Private Limited

    NBFC · New Delhi, Delhi

    1 shared action

    1 restriction

  4. Profound Exports Private Limited

    NBFC · New Delhi, Delhi

    1 shared action

    1 restriction

  5. Two Brothers Holding Limited

    NBFC · New Delhi, Delhi

    1 shared action

    1 restriction