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 December 16, 1998 the application for certificate of registration submitted by the financial company Silpa Finance & Investments Private Ltd., 3-1-630, Vijay Raghunandan Nagar,Karimnagar, Hyderabad-505 002.

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.

Maureen Shankar
Manager

Press Release:1998-99/796