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 June 15, 1999, the application for Certificate of Registration submitted by the financial company M/s. Krishna Credit Company Ltd., 17 A, Dr. Bidhan Roy Sarani, (M.Lane), More Pukur, Rishra, West Bengal-712 205.

As such, the above company cannot transact the business of a non-banking financial institution as defined in Clause (a) of Section 45 I of the Reserve Bank of India Act, 1934.