Case Brief
On November 21, 2003, the Reserve Bank of India cancelled the Certificate of Registration of A. M. Financial Services Limited, whose registered office was in Amritsar, under Section 45IA of the RBI Act, 1934. The cancellation was issued because the company was carrying on the business of a non-banking financial institution. As a result, the company cannot transact NBFC business, although it must continue to repay public deposits in accordance with the terms of the deposit contracts.
Action Snapshot
- Primary Impact
- License cancellation
- Entity Type
- NBFC
- Location
- Amritsar, Punjab
- Order Date