Action on 56 NBFCs as shown in Annex
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration of 56 NBFCs named in the annex, invoking Section 45-IA(6) of the RBI Act, 1934. This is a license-cancellation action: the affected entities are barred from transacting the business of a non-banking financial institution under the Act.
The Reserve Bank of India exercised its powers under Section 45-IA(6) of the Reserve Bank of India Act, 1934 to cancel the Certificate of Registration of 56 non-banking financial companies listed in the annex. The cancellation means the affected companies are no longer permitted to transact the business of a non-banking financial institution as defined under clause (a) of Section 45-I of the Act.
Severity Assessment
Cancellation of Certificate of Registration is a license cancellation, which is severity 5 regardless of the absence of a monetary penalty.
All 56 listed NBFCs lose the legal ability to conduct non-banking financial institution business. The cancellation is immediately consequential for the companies and affects their operational ability, business counterparties, and customers reliant on NBFC services.
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