Action on Numero Uno Finance
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration of six non-banking financial companies listed in the release, exercising powers under Section 45-IA(6) of the Reserve Bank of India Act, 1934. Once cancelled, these entities cannot transact the business of a non-banking financial institution under the Act.
The Reserve Bank of India cancelled the Certificate of Registration (CoR) of six non-banking financial companies under Section 45-IA(6) of the Reserve Bank of India Act, 1934. The release states that, following cancellation, these companies cannot 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 the Certificate of Registration is a license cancellation, which is severity 5 regardless of any other details.
The six named NBFCs lose the legal authority to operate as non-banking financial institutions. They must stop NBFC activity, and counterparties should not treat them as authorized NBFCs after the cancellation dates stated in the order.
Published as M/s Numero Uno Finance Ltd.
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