The Reserve Bank of India, in exercise of the powers conferred on it under Section 45-IA of the Reserve Bank of India Act, 1934, has rejected on October 7, 1999, the application for Certificate of Registration submitted by M/s. Vijaya Commercial Credits Ltd., having its Registered Office at S.R.S. Home Commercial Complex, K.R.R. Road, Mangalore - 575 003.

As such, the company cannot transact the business of a Non-Banking Financial Institution, as defined in Clause (a) of Section 45-IA of the RBI Act, 1934.