The Reserve Bank of India, in exercise of the powers conferred on in under Section 45 IA of the Reserve Bank of India Act, 1934, has rejected on July 10, 1999 the application for certificate of registration submitted by the financial company The Jibanbikash General Finance & Investment (I) Ltd., Madhupatna, Cuttack.

As such, the above company cannot transact the business of a non-banking financial institution as defined in Clause (a) of Section 45 I of the Reserve Bank of India Act, 1934.