The Reserve Bank of India, has on November 5, 2003 rejected the application for certificate of registration submitted by Better Deals Developers Private Limited, 11, Middleton Row, New Asiatic Mansion, Flat No.7, Kolkata-700071 for carrying on the business of a non-banking financial institution.

Following rejection of application for certificate of registration, Better Deals Developers Private Limited cannot transact the business of a non-banking financial institution.

The Reserve Bank of India has taken this action under powers conferred on it by Section 45 of the Reserve Bank of India Act, 1934.