Recorded RBI impact
License cancellation
License cancellation · Fresh imposition
Published by RBI
9 Aug 2018
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration of 17 non-banking financial companies under Section 45-IA(6) of the RBI Act, 1934. The list includes entities such as P.S. Enterprises Private Limited, Anuradha Investments Limited, and Vijay Motor Finance Private Limited. Following the cancellation, the companies are not allowed to transact business as a Non-Banking Financial Institution under the RBI Act.
Why RBI Acted
The Reserve Bank of India cancelled the Certificate of Registration of 17 companies registered as NBFCs under Section 45-IA(6) of the RBI Act, 1934. As a result, these companies are no longer permitted to transact the business of a Non-Banking Financial Institution as defined in Section 45-I(a) of the RBI Act, 1934.
Operating Impact
All 17 companies lose their RBI registration and must stop carrying on NBFC business. This affects their ability to undertake non-banking financial institution საქმიანություն and has direct operational consequences for their lending/financing activities.
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
- Entities Affected
- 17
- Entity Role
- Bulk Member
- Entity Type
- NBFC
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