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The Reserve Bank of India (RBI) on Tuesday cautioned the public against misuse of certificate of registration issued by it to Surat-based Keshavlal Leasing and Finance Limited.
"The Reserve Bank stated that the company has not surrendered the original certificate. It had cancelled the certificate in October 2014 in exercise of the powers conferred on it under Section 45-IA (6) of the Reserve Bank of India Act, 1934," a statement issued by the banking regulator stated.
RBI cancelled certificate of registration number "B.01.00384" dated August 2, 2001 issued by it to Keshavlal Leasing and Finance Limited, which has its registered office in Surat. The cancellation was done on October 30 this year.
Following cancellation of registration certificate, the company, the banking regulator clarified, cannot transact the business of a non-banking financial institution under Section 45-I of the RBI Act.
"Following cancellation of registration certificate, the company cannot transact the business of a non-banking financial institution as laid down under clause (a) of Section 45-I of the Reserve Bank of India Act, 1934," the RBI statement clarified.
Attempts to contact company officials were unfruitful.
