The Reserve Bank of India, has on November 23, 2005 cancelled the certificate of registration issued to Ramchand Jagdishchand Finance Private Limited., having its registered office at No.306, 1st Floor, West Minster, No.13, Cunningham Road, Bangalore-560 052 for carrying on the business of a non-banking financial institution.

Under powers conferred by Section 45-IA (6) 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 institutions is defined in clause (a) of Section 45-I of the Reserve Bank of India Act, 1934.