Action on 29 NBFCs
Case Brief
In a fresh adverse action, the Reserve Bank of India cancelled the Certificates of Registration of 29 NBFCs under Section 45-IA(6) of the RBI Act, 1934. The press release lists each company and its date of cancellation, and states that the companies shall not transact the business of a Non-Banking Financial Institution as defined in Section 45-I(a) of the RBI Act, 1934.
The Reserve Bank of India exercised its powers under Section 45-IA(6) of the RBI Act, 1934 to cancel the Certificates of Registration of 29 companies. Following cancellation, these entities are no longer permitted to transact the business of a Non-Banking Financial Institution as defined in Section 45-I(a) of the RBI Act, 1934.
Severity Assessment
Cancellation of Certificates of Registration is a license cancellation action, which carries severity 5 regardless of monetary amount.
Each of the 29 named companies must stop carrying on NBFC business. The cancellation prevents them from legally operating as non-banking financial institutions going forward.
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