Case Brief
The Reserve Bank of India cancelled the certificate of registration granted to Yashaswi Limited on March 21, 2003, for carrying on the business of a non-banking financial institution, invoking Section 45IA of the RBI Act, 1934. As a consequence, the company cannot transact NBFC business, and RBI also prohibited it from accepting deposits and from alienating its assets under Section 45MB. The company remains obligated to repay public deposits according to the terms of the deposit contracts.
Action Snapshot
- Primary Impact
- License cancellation
- Entity Type
- NBFC
- Location
- Bangalore, Karnataka
- Order Date