The Reserve Bank of India, has on December 20, 2004 cancelled the certificate of registration issued to Manipal Finance Corporation Limited, having its registered office at Manipal House, Manipal, Karnataka for carrying on the business of a non-banking financial institution.

Under powers conferred by Section 45IA of the Reserve Bank of India Act, 1934, the Reserve Bank can cancel the registration certificate of non-banking financial company. The business of a non-banking financial institution is defined in clause (a) of Section 45IA of the Reserve Bank of India Act, 1934.