Case Brief
The Reserve Bank of India cancelled the Certificate of Registration of IndusInd Leasing Ltd., Chandigarh, under Section 45-IA of the RBI Act, 1934, on February 8, 2003. As a result, the company cannot conduct non-banking financial institution business. RBI also prohibited the company from accepting deposits under Section 45MB(1) and from alienating assets under Section 45MB(2). The company must still repay public deposits as per the terms and conditions of the deposit contract.
Action Snapshot
- Primary Impact
- License cancellation
- Entity Type
- NBFC
- Location
- Chandigarh
- Order Date