The Reserve Bank of India has on May 28, 2008 rejected the application for certificate of registration of M/s. Balaji Mutual Benefits Ltd., Near Roadways Bus Stand, Pilibhit, Uttar Pradesh for carrying on the business of a non-banking financial institution. Following rejection of the application for certificate of registration M/s. Balaji Mutual Benefits 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.