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 January 25, 2000 the application for Certificate of Registration submitted by the financial company M/s. Pushparag Savings & Investment Co. Pvt. Ltd., Old Pandapara, P.O.Pandapara, Kalibari, Dist. Jalpaiguri, West Bengal-735 132.

As such, the above company cannot transact the business of a non-banking financial institution as defined in Clause (a) of Section 45 IA of the Reserve Bank of India Act, 1934. The company has also been prohibited from acceptance of deposits under Section 45MB(1) and prohibited from alienation of assets under Section 45MB(2) of the Reserve bank of India Act, 1934.