Action on Nano Financial Services India
Case Brief
The Reserve Bank of India has cancelled the Certificate of Registration of Nano Financial Services India Private Limited, an NBFC, for carrying on the business of a non-banking financial institution. As a result, the company is no longer permitted to transact NBFC business.
The Reserve Bank of India cancelled the Certificate of Registration of Nano Financial Services India Private Limited, a non-banking financial company (NBFC), for carrying on the business of non-banking financial institution. The release states that following cancellation of the registration certificate, 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 maps to severity 5.
Nano Financial Services India Private Limited cannot carry on or transact the business of a non-banking financial institution anymore. This is a complete regulatory stop on its NBFC operations.
Published as Nano Financial Services India Private Limited
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