Recorded RBI impact
License cancellation
License cancellation · Fresh imposition
Published by RBI
14 Feb 2006
Case Brief
On January 31, 2006, the Reserve Bank of India cancelled the Certificate of Registration granted to Jeba Finance Limited, based in Kanyakumari, under Section 45-IA(6) of the RBI Act, 1934. The release states that after cancellation, the company cannot transact the business of a non-banking financial institution.
Why RBI Acted
The Reserve Bank of India cancelled the certificate of registration granted to Jeba Finance Limited under Section 45-IA(6) of the RBI Act, 1934. The release states that, following cancellation, the company cannot transact the business of a non-banking financial institution.
Operating Impact
Jeba Finance Limited is barred from carrying on NBFC business after the cancellation. This removes its ability to legally operate as a non-banking financial institution going forward.
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
Action Facts
- Primary Impact
- License cancellation
- Order Date
- 31 Jan 2006
- Effective From
- 31 Jan 2006
- Entities Affected
- 1
- Entity Role
- Primary
- Entity Type
- NBFC