Recorded RBI impact
License cancellation
License cancellation · Fresh imposition
Published by RBI
10 Nov 2023
Case Brief
In exercise of powers under Section 45-IA(6) of the RBI Act, 1934, the Reserve Bank of India cancelled the Certificate of Registration of two NBFCs: Todays Holdings Private Limited and Integrated Finance Company Limited. The order means both 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 of Todays Holdings Private Limited and Integrated Finance Company Limited under Section 45-IA(6) of the RBI Act, 1934. Following cancellation, the companies are no longer permitted to transact the business of a non-banking financial institution as defined under Section 45-I(a) of the RBI Act.
Operating Impact
Both companies must stop NBFC business operations going forward. Their customers and counterparties can no longer treat them as authorised non-banking financial institutions, and any further activity in that capacity would be unauthorised.
Regulatory Basis
- Section 45-IA (6) of the Reserve Bank of India Act, 1934
- Section 45-I of the RBI Act, 1934
Action Facts
- Primary Impact
- License cancellation
- Order Date
- 10 Oct 2023
- Effective From
- 10 Oct 2023
- Entities Affected
- 2
- Entity Role
- Primary
- Entity Type
- NBFC
Related Entities
Entities similar to Todays Holdings Private Limited