Case Brief
On 29 January 2005, the Reserve Bank of India cancelled the Certificate of Registration of Al-Ameen Islamic Financial & Investment Corporation (India) Ltd., Bangalore, under Section 45IA of the RBI Act, 1934. As a result, the company cannot carry on the business of a non-banking financial institution. RBI also prohibited it from accepting deposits until further orders and from alienating assets without prior written permission, invoking Section 45MB(1) and 45MB(2).
Action Snapshot
- Primary Impact
- License cancellation
- Entity Type
- NBFC
- Location
- Bangalore, Karnataka
- Order Date