 "RBI cautions public against misuse of certificate of registration issued to Surat-based NBFC")
The Reserve Bank of India (RBI) on Tuesday cautioned the public against misuse of certificate of registration issued by it to Surat-based Keshavlal Leasing and Finance Limited.
"The Reserve Bank stated that the company has not surrendered the original certificate. It had cancelled the certificate in October 2014 in exercise of the powers conferred on it under Section 45-IA (6) of the Reserve Bank of India Act, 1934," a statement issued by the banking regulator stated.
RBI cancelled certificate of registration number "B.01.00384" dated August 2, 2001 issued by it to Keshavlal Leasing and Finance Limited, which has its registered office in Surat. The cancellation was done on October 30 this year.
Following cancellation of registration certificate, the company, the banking regulator clarified, cannot transact the business of a non-banking financial institution under Section 45-I of the RBI Act.
"Following cancellation of registration certificate, the company cannot transact the business of a non-banking financial institution as laid down under clause (a) of Section 45-I of the Reserve Bank of India Act, 1934," the RBI statement clarified.
Attempts to contact company officials were unfruitful.
"The Reserve Bank stated that the company has not surrendered the original certificate. It had cancelled the certificate in October 2014 in exercise of the powers conferred on it under Section 45-IA (6) of the Reserve Bank of India Act, 1934," a statement issued by the banking regulator stated.
RBI cancelled certificate of registration number "B.01.00384" dated August 2, 2001 issued by it to Keshavlal Leasing and Finance Limited, which has its registered office in Surat. The cancellation was done on October 30 this year.
Following cancellation of registration certificate, the company, the banking regulator clarified, cannot transact the business of a non-banking financial institution under Section 45-I of the RBI Act.
"Following cancellation of registration certificate, the company cannot transact the business of a non-banking financial institution as laid down under clause (a) of Section 45-I of the Reserve Bank of India Act, 1934," the RBI statement clarified.
Attempts to contact company officials were unfruitful.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%