One NBFC surrender its Certificate of Registration to RBI

Case Brief

The NBFC surrendered its Certificate of Registration (CoR) granted by the Reserve Bank of India. Following that surrender, RBI cancelled the CoR in exercise of powers under Section 45-IA(6) of the Reserve Bank of India Act, 1934.

Action Snapshot

Primary Impact: License cancellation
Entity Type: NBFC
Action Type: License cancellation
Order Date

Unknown date

Effective From

Unknown date

Entities Affected

1

Why RBI Acted

Licensing breach

The release states that the NBFC has surrendered its Certificate of Registration (CoR) granted by RBI. In exercise of powers under Section 45-IA(6) of the Reserve Bank of India Act, 1934, RBI therefore cancelled the CoR.

Severity Assessment

Cancellation of a Certificate of Registration is a severity 5 licensing action.

Impact

The NBFC can no longer operate as a registered NBFC under the cancelled CoR. Any future NBFC activity requiring RBI registration would not be permitted unless a fresh registration is obtained, subject to law.

Regulatory Basis

Section 45-IA (6) of the Reserve Bank of India Act, 1934