The Reserve Bank of India has on July 20, 2007 cancelled the certificate of registration granted to Bhasin Credit Aid Limited, having its registered office at 19, Community Centre, Madangir, New Delhi-110062 for carrying on the business of a non-banking financial institution. Following cancellation of registration certificate, Bhasin Credit Aid Limited cannot transact the business of a non-banking financial institution.

Under powers conferred by 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.