The Reserve Bank of India, has on October 28, 2003 rejected the application for certificate of registration submitted by Sthapati Credit Limited having its office at 203-B, 2nd Floor, Ivory Terrace, R. C. Dutt Road, Baroda for carrying on the business of a non-banking financial institution.

Following rejection of application for certificate of registration, Sthapati Credit Limited can not 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.