New SIDBI Grade A New Batch Starts on Nov 18

    Register

    Question

    Which of the following statements about the cancellation of the Certificate of Registration (CoR) of Star Finserv India Limited is correct?

    1. The CoR was canceled under Section 45-IA (6) of the RBI Act, 1934.

    2. Star Finserv India Limited had its registered office in Mumbai.

    3. Violations included failure to provide loan agreements in vernacular language.

    A Only 1 is correct Correct Answer Incorrect Answer
    B Only 2 is correct Correct Answer Incorrect Answer
    C Only 3 is correct Correct Answer Incorrect Answer
    D Both 1 and 3 are correct Correct Answer Incorrect Answer
    E All statements are correct Correct Answer Incorrect Answer

    Solution

    The CoR was indeed canceled under Section 45-IA (6) of the RBI Act, 1934, and one of the violations was failing to provide loan agreements in vernacular language. The registered office of Star Finserv India Limited was in Hyderabad, not Mumbai.

    Practice Next