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 the financial company Tapasya Savings & Investments India Ltd., 2579, Mandir Wali Gali, Opp. West Patel Nagar, New Delhi-110 008.

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.