Action on Bharat Finance Corporation
Case Brief
On 31 August 2009, the Reserve Bank of India cancelled the certificate of registration granted to M/s. Bharat Finance Corporation Private Limited, whose registered office was in New Delhi. The cancellation was made 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 granted to M/s. Bharat Finance Corporation Private Limited under Section 45-IA(6) of the RBI Act, 1934. The release states that, following cancellation, the company cannot transact the business of a non-banking financial institution.
Severity Assessment
Cancellation of an NBFC’s certificate of registration is a full licence cancellation, which falls in severity 5.
The company must stop conducting NBFC business immediately. Customers and counterparties can no longer deal with it as a registered non-banking financial institution, and its operational ability in that regulated line of business is withdrawn.
Published as M/s. Bharat Finance Corporation Private Limited
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