Recorded RBI impact
License cancellation
License cancellation · Fresh imposition
Published by RBI
4 Sept 2009
Case Brief
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.
Why RBI Acted
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.
Operating 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
Action Facts
- Primary Impact
- License cancellation
- Order Date
- 13 Aug 2009
- Effective From
- 13 Aug 2009
- Entities Affected
- 1
- Entity Role
- Primary
- Entity Type
- NBFC