Action on APS Hire Purchase
Case Brief
The Reserve Bank of India has cancelled the Certificate of Registration of APS Hire Purchase Limited under Section 45-IA(6) of the Reserve Bank of India Act, 1934. This is a licence-cancellation action against the NBFC, and the release does not provide any further factual details on the underlying reasons.
The Reserve Bank of India cancelled the certificate of registration of APS Hire Purchase Limited, a non-banking financial company, in exercise of its powers under Section 45-IA(6) of the Reserve Bank of India Act, 1934. The release does not state any additional underlying misconduct beyond the cancellation action itself.
Severity Assessment
Cancellation of an NBFC's Certificate of Registration is a full licence cancellation, which carries severity 5.
APS Hire Purchase Limited can no longer operate as an NBFC under the cancelled registration. The action affects the company directly and may affect its customers and counterparties through the cessation of regulated NBFC activities.
Published as APS Hire Purchase Limited
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