Case Brief
The Reserve Bank of India cancelled the Certificates of Registration of 17 companies under Section 45-IA(6) of the RBI Act, 1934. The entities listed in the release are all NBFCs/non-banking financial institutions, and RBI directed that they shall not transact the business of a Non-Banking Financial Institution as defined in Section 45-I(a) of the Act. The press release does not provide the underlying factual grounds for the cancellations beyond the statutory basis and the cessation of NBFC activity.
Action Snapshot
- Primary Impact