Action on VBC Finance & Leasing
Case Brief
The Reserve Bank of India cancelled the certificate of registration granted to VBC Finance & Leasing Limited, whose registered office was in Hyderabad, under Section 45-IA(6) of the RBI Act, 1934. As a result, the company is no longer permitted to transact the business of a non-banking financial institution.
The Reserve Bank of India cancelled the certificate of registration of VBC Finance & Leasing Limited under Section 45-IA(6) of the RBI Act, 1934. The release does not specify the underlying factual violation beyond the statutory cancellation of the NBFC registration, but states that after cancellation the company cannot transact the business of a non-banking financial institution.
Severity Assessment
Cancellation of an NBFC registration is a complete licence/CoR cancellation, which is severity 5.
VBC Finance & Leasing Limited must stop carrying on NBFC business immediately after the cancellation. Customers and counterparties can no longer rely on it to conduct non-banking financial institution activities.
Published as VBC Finance & Leasing Limited
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