RBI rejects application of 2 non-banking financial cos

The Reserve Bank has rejected registration application of Ahmedabad-based Nirma Investment Pvt and Nirma Capital to carry out activities as non-banking financial institutions.

Mumbai: The Reserve Bank has rejected registration application of Ahmedabad-based Nirma Investment Pvt and Nirma Capital to carry out activities as non-banking financial institutions.

"The Reserve Bank of India has rejected on January 4, 2011 the application for certificate of registration of Nirma Investment Private Limited... Nirma Capital Private Limited...for carrying on the business of a non-banking financial institutions," RBI said in two separate statements Monday.

Following rejection of the application for certificate of registration, Nirma Investment Private Limited and Nirma Capital Private Limited cannot transact the business of a non-banking financial institutions.

PTI

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