The Reserve Bank of India has on August 31, 2009 cancelled the certificate of registration granted to M/s. Bharat Finance Corporation Private Limited, having its registered office at 20/1, Asaf Ali Road, New Delhi-110002 for carrying on the business of a non-banking financial institution. Following cancellation of the registration certificate the company cannot transact the business of a non-banking financial institution.
By the powers conferred under Section 45-IA (6) of the Reserve Bank of India Act, 1934, the Reserve Bank can cancel the registration certificate of a non-banking financial company. The business of a non-banking financial institution is defined in clause (a) of Section 45-I of the Reserve Bank of India Act, 1934.
Ajit Prasad
Manager
Press Release: 2009-2010/537
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