Case Brief
The Reserve Bank of India cancelled the Certificate of Registration issued to Nicco Uco Alliance Credit Ltd., Kolkata, under Section 45IA of the RBI Act, 1934. As a result, the company can no longer carry on the business of a non-banking financial institution. The release also states that it is prohibited from accepting deposits and from alienating assets, though it remains obligated to repay public deposits in line with the terms of the deposit contract.
Action Snapshot
- Primary Impact
- License cancellation
- Entity Type
- NBFC
- Location
- Kolkata, West Bengal
- Order Date