Recorded RBI impact
License cancellation
License cancellation · Fresh imposition
Published by RBI
29 Aug 2019
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration of 12 companies under Section 45-IA(6) of the RBI Act, 1934. The release lists each affected company and states that, as a result, they shall not transact the business of a Non-Banking Financial Institution under 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 Certificates of Registration of 12 companies. The cancellation means these entities are no longer permitted to carry on the business of a Non-Banking Financial Institution as defined in Section 45-I(a) of the RBI Act, 1934.
Operating Impact
The twelve named companies can no longer operate as NBFCs or undertake non-banking financial institution business. Customers, borrowers, and counterparties should no longer treat them as registered NBFCs, and the cancellation is effective from the respective dates mentioned in the release.
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
- Effective From
- 22 Jul 2019
- Entities Affected
- 12
- Entity Role
- Bulk Member
- Entity Type
- NBFC
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