The Reserve Bank of India, has on October 31, 2003 rejected the application for certificate of registration submitted by Bubby's Commerce Private Limited having its office at D-75, Bangur Avenue, 3rd Floor, Kolkata-700 055 for carrying on the business of a non-banking financial institution.

Following rejection of application for certificate of registration, Bubby's Commerce Private Limited cannot transact the business of a non-banking financial institution.

The Reserve Bank of India has taken this action under powers conferred on it by Section 45 of the Reserve Bank of India Act, 1934.