Revocation of authorisation allows RBI to rescind authorised person status for public interest or contravention, subject to representation. The Reserve Bank may grant written authorisation to an authorised person subject to conditions, and may revoke that authorisation if satisfied that ... Summary
Revocation of authorisation allows RBI to rescind authorised person status for public interest or contravention, subject to representation.
The Reserve Bank may grant written authorisation to an authorised person subject to conditions, and may revoke that authorisation if satisfied that revocation is in the public interest or the authorised person has failed to comply with conditions or has contravened the Act or subordinate instruments; revocation is preceded by an opportunity to make representations. The Bank may also issue directions, require information and impose monetary penalties for contravention, with a mechanism for recurring penalties for continuing contraventions.
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