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 9, 2000 the application for certificate of registration submitted by M/s. First City Finance & Investment Ltd., 63/1, II Main Road, Gandhi Nagar, Adyar, Chennai-600 020, for carrying on the business of a Non-Banking Financial Institution.

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.