The Reserve Bank of India has on July 9, 2007 cancelled the certificate of registration granted to M/s. Urmil Mutual Benefits Limited, New Delhi having its registered office at 70-71 Scindia House, 105, Bharat Chambers, Connaught Place, New Delhi-110001 for carrying on the business of a non-banking financial institution. Following cancellation of registration certificate, M/s. Urmil Mutual Benefits Limited, New Delhi 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.