Recorded RBI impact
License cancellation
License cancellation · Fresh imposition
Published by RBI
18 Aug 2005
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration issued to Vikramashila Finance and Leasing Limited, whose registered office is in Nizamabad, on August 11, 2005. The company was carrying on the business of a non-banking financial institution, and the cancellation was made under Section 45-IA of the Reserve Bank of India Act, 1934.
Why RBI Acted
The Reserve Bank of India cancelled the certificate of registration issued to Vikramashila Finance and Leasing Limited under Section 45-IA of the RBI Act, 1934. The release states the company was registered to carry on the business of a non-banking financial institution, and RBI has the power to cancel such registration certificates for NBFCs.
Operating Impact
The company can no longer operate as a registered non-banking financial company. Any NBFC-related business requiring a valid Certificate of Registration is affected immediately by the cancellation.
Regulatory Basis
- Section 45-IA of the Reserve Bank of India Act, 1934
Action Facts
- Primary Impact
- License cancellation
- Order Date
- 11 Aug 2005
- Effective From
- 11 Aug 2005
- Entities Affected
- 1
- Entity Role
- Primary
- Entity Type
- NBFC