Action on Royal Finance
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration granted to M/s Royal Finance Limited, Ahmedabad, on November 1, 2004. The cancellation was made under Section 45-IA of the RBI Act, 1934. As a result, the company cannot transact the business of a non-banking financial institution.
The Reserve Bank of India cancelled the certificate of registration of M/s Royal Finance Limited, Ahmedabad, under Section 45-IA of the RBI Act, 1934. The release states that the registration had been granted for carrying on the business of a non-banking financial institution and, following cancellation, the company cannot transact that business.
Severity Assessment
Cancellation of an NBFC Certificate of Registration is a license cancellation, which is a severity 5 action.
M/s Royal Finance Limited is prohibited from carrying on NBFC business after the cancellation takes effect. This directly affects the company’s operations and any customers or counterparties relying on its non-banking financial services.
Published as M/s Royal Finance Limited
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