Recorded RBI impact
License cancellation
License cancellation · Fresh imposition
Published by RBI
21 Jan 2025
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration (CoR) of X10 Financial Services Limited, which is identified as a non-banking financial company. The action was taken under Section 45-IA(6) of the Reserve Bank of India Act, 1934. The provided release body does not specify detailed findings, though the title indicates irregular lending practices as the reason.
Why RBI Acted
The RBI, exercising powers under Section 45-IA(6) of the Reserve Bank of India Act, 1934, cancelled the Certificate of Registration issued to X10 Financial Services Limited, a non-banking financial company. The supplied body text does not provide the detailed factual findings or specific violations beyond the title’s reference to irregular lending practices.
Operating Impact
X10 Financial Services Limited can no longer operate as an NBFC under its cancelled CoR. The cancellation has immediate adverse regulatory consequences for the company and affects its ability to conduct regulated lending business.
Regulatory Basis
- Section 45-IA (6) of the Reserve Bank of India Act, 1934
Action Facts
- Primary Impact
- License cancellation
- Entities Affected
- 1
- Entity Role
- Primary
- Entity Type
- NBFC