Action on Rhine & Raavi Credits & Holdings
Case Brief
The Reserve Bank of India has cancelled the Certificate of Registration of M/s Rhine & Raavi Credits & Holdings Ltd., a non-banking financial company based in New Delhi. The cancellation was made under Section 45-IA(6) of the RBI Act, 1934 and is stated to have been taken on supervisory grounds, meaning the company can no longer operate as an NBFC under its registration.
The Reserve Bank of India cancelled the Certificate of Registration of M/s Rhine & Raavi Credits & Holdings Ltd., a non-banking financial company, in exercise of powers under Section 45-IA(6) of the RBI Act, 1934. The release states the action was taken on supervisory grounds.
Severity Assessment
Cancellation of an NBFC’s Certificate of Registration is a full licence cancellation, which carries severity 5.
The company loses its NBFC registration and must cease any activities that require a valid Certificate of Registration. This is a severe forward-looking restriction affecting the entity directly; counterparties and customers should no longer rely on it functioning as a registered NBFC.
Published as M/s Rhine & Raavi Credits & Holdings Ltd.
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