Recorded RBI impact
License cancellation
License cancellation · Fresh imposition
Published by RBI
1 Jul 2010
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration granted on May 24, 2000 to Zoom Exports Limited, whose registered office is at Bangalore. The cancellation was issued on June 3, 2010 under Section 45-IA(6) of the RBI Act, 1934, after the company opted to exit the business of a non-banking financial institution. Following the cancellation, the company cannot transact the business of a non-banking financial institution.
Why RBI Acted
The Reserve Bank of India cancelled the certificate of registration granted to Zoom Exports Limited under Section 45-IA(6) of the RBI Act, 1934. The release states that the company had opted to exit from the business of a non-banking financial institution, and as a result it can no longer carry on that business.
Operating Impact
Zoom Exports Limited is no longer permitted to carry on non-banking financial institution business. This ends its regulated NBFC operations and affects any customers or counterparties relying on those activities.
Regulatory Basis
- Section 45-IA (6) of the Reserve Bank of India Act, 1934
- Section 45-I of the Reserve Bank of India Act, 1934
Action Facts
- Primary Impact
- License cancellation
- Order Date
- 3 Jun 2010
- Effective From
- 3 Jun 2010
- Entities Affected
- 1
- Entity Role
- Primary
- Entity Type
- NBFC