On August 13, 2009, the Reserve Bank of India cancelled the certificate of registration granted to Joyce Finance Pvt. Ltd., whose registered office was in Bangalore, for carrying on the business of a non-banking financial institution. The action was taken under Section 45-IA(6) of the RBI Act, 1934. As a result, the company cannot transact the business of a non-banking financial institution.

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Quick Facts

Primary Impact: License cancellation
Entity Type: NBFC
Location: Bangalore, Karnataka
Order Date: 13 Aug 2009
Effective From: 13 Aug 2009
Entities Affected: 1

Why RBI Acted

Licensing breach

The Reserve Bank of India cancelled the certificate of registration granted to Joyce Finance Pvt. Ltd. under Section 45-IA(6) of the RBI Act, 1934. The release states that the company had been registered to carry on the business of a non-banking financial institution, and that after cancellation it cannot transact that business.

Severity Assessment

Cancellation of a Certificate of Registration is a licence cancellation, which falls in severity 5.

Impact

Joyce Finance Pvt. Ltd. is barred from carrying on non-banking financial institution business after the cancellation. The restriction affects the company directly and removes its ability to operate as a registered NBFC.

Regulatory Basis

Section 45-IA (6) of the Reserve Bank of India Act, 1934
clause (a) of Section 45-I of the Reserve Bank of India Act, 1934

Restrictions & Effective Timeline

Effective From: 13 Aug 2009

Affected Entities

Joyce Finance Pvt. Ltd
Published as Joyce Finance Pvt. Ltd.
NBFC · Primary

Official RBI Source

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