Case Brief
On April 20, 2005, the Reserve Bank of India cancelled the certificate of registration issued to B. M. Motor Finance Private Limited, House No. 568, Sector 20A, Chandigarh, for carrying on the business of a non-banking financial institution. The cancellation was made under Section 45IA of the Reserve Bank of India Act, 1934. As a result, the company cannot transact the business of a non-banking financial institution, although it remains under an obligation to repay public deposits according to the terms and conditions of the deposit contract.
Action Snapshot
- Primary Impact
- License cancellation
- Entity Type
- NBFC
- Location
- Chandigarh, Chandigarh
- Order Date