Case Brief
The Reserve Bank of India cancelled the Certificate of Registration granted to UP Instalments Limited, Bareilly, on March 18, 2004. The order was issued under Section 45IA of the RBI Act, 1934 for carrying on the business of a non-banking financial institution. As a consequence, the company cannot carry on NBFC business. RBI also prohibited the company from accepting deposits and from alienating its assets under Section 45MB, while noting that it must still repay public deposits according to the terms of the deposit contract, if any.
Action Snapshot
- Primary Impact
- License cancellation
- Entity Type
- NBFC
- Location
- Bareilly, Uttar Pradesh
- Order Date