Recorded RBI impact
License cancellation
License cancellation · Fresh imposition
Published by RBI
20 Mar 2013
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration No. B-09.00397 dated February 19, 2002, issued to Vilas Finance & Investment Limited, whose registered office is in Guntur, Andhra Pradesh. The cancellation was made under Section 45-IA(6) of the Reserve Bank of India Act, 1934. The release says the company had voluntarily exited from carrying on non-banking financial institution activities. As a result, it cannot transact the business of a non-banking financial institution.
Why RBI Acted
The Reserve Bank of India cancelled Certificate of Registration No. B-09.00397 dated February 19, 2002, issued to Vilas Finance & Investment Limited for carrying on the business of a non-banking financial institution. The release states that the company had voluntarily exited from carrying on NBFI activities. The cancellation was made under Section 45-IA(6) of the Reserve Bank of India Act, 1934.
Operating Impact
Vilas Finance & Investment Limited is no longer permitted to carry on NBFI business. The change affects the company directly and removes its ability to undertake non-banking financial institution activities going forward.
Regulatory Basis
- Section 45-IA (6) of the Reserve Bank of India Act, 1934
- clause (a) of Section 45-I of the Reserve Bank of India Act, 1934
Action Facts
- Primary Impact
- License cancellation
- Order Date
- 19 Feb 2013
- Effective From
- 31 Jan 2013
- Entities Affected
- 1
- Entity Role
- Primary
- Entity Type
- NBFC