Recorded RBI impact
License cancellation
License cancellation · Fresh imposition
Published by RBI
9 Oct 2018
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration of 28 NBFCs under Section 45-IA(6) of the RBI Act, 1934. The release lists each company and the date of cancellation, and states that the above companies shall not transact the business of a Non-Banking Financial Institution as defined in Section 45-I(a) of the Act.
Why RBI Acted
In exercise of powers under Section 45-IA(6) of the Reserve Bank of India Act, 1934, RBI cancelled the Certificate of Registration (CoR) of 28 named companies. Following cancellation, the release 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 28 listed companies lose their NBFC registration and must stop carrying on non-banking financial institution business. This directly affects the entities themselves and any customers, lenders, and counterparties relying on their NBFC operations.
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
- Entities Affected
- 28
- Entity Role
- Bulk Member
- Entity Type
- NBFC
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