Case Brief
On May 10, 2005, the Reserve Bank of India cancelled the certificate of registration granted to KFIC Financial Services Limited, Pune, for carrying on non-banking financial business. As a result, the company cannot transact the business of a non-banking financial institution. RBI also prohibited the company from accepting deposits and from alienating its assets. The action was taken under Section 45IA of the RBI Act, 1934, with the additional prohibitions referenced under Section 45MB(1) and 45MB(2).
Action Snapshot
- Primary Impact
- License cancellation
- Entity Type
- NBFC
- Location
- Pune, Maharashtra
- Order Date