Case Brief
The Reserve Bank of India cancelled the Certificates of Registration of 14 entities: 13 Non-Banking Financial Companies and 1 Housing Finance Company. The action was taken under Section 45-IA(6) of the RBI Act, 1934 and Section 29A of the National Housing Bank Act, 1987 after the entities surrendered their CoR. The release states three broad reasons: exit from Non-Banking Financial Institution business, meeting the criteria prescribed for unregistered Core Investment Companies that do not require registration, or ceasing to be legal entities due to amalgamation, merger, dissolution, or voluntary strike-off.
Action Snapshot
- Primary Impact
- License cancellation
- Entity Type
- NBFC
- Action Type
- License cancellation