The Reserve Bank of India, has on April 12, 2005 cancelled the certificate of registration issued to Nice India Credit and Finvest Pvt. Ltd., having its registered office at 91/1, Civil Lines, Jhansi, Uttar Pradesh for carrying on the business of a non-banking financial institution.

Under powers conferred by Section 45IA of the Reserve Bank of India Act, 1934, the Reserve Bank can cancel the registration certificate of non-banking financial company. The business of a non-banking financial institution is defined in clause (a) of Section 45IA of the Reserve Bank of India Act, 1934.