The Reserve Bank of India has on May 20, 2008 rejected the application for certificate of registration of Al-Fazal Mutual Benefit Ltd., the Ganj Plaza, 2nd Floor, 42, Hazarat Ganj, Lucknow-226001 for carrying on the business of a non-banking financial institution. Following rejection of the application for certificate of registration Al-Fazal Mutual Benefit Ltd., cannot transact the business of a non-banking financial institution.

The Reserve Bank can reject the application for Certificate of Registration of a non-banking financial company under powers conferred by Section 45-IA (6) of the Reserve Bank of India Act, 1934. The business of a non-banking financial institution is defined in clause (a) of Section 45-I of the Reserve Bank of India Act, 1934.

Ajit Prasad
Manager

Press Release :2007-2008/1569