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Thursday, May 19, 2005
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 Money & Banking - NBFCs


RBI cancels licence

Our Bureau

Mumbai , May 18

THE Reserve Bank of India has cancelled the certificate of registration issued to B M Motor Finance Private Ltd, Chandigarh, for carrying on the business of a non-banking financial institution.

The RBI has mandated that B M Motor Finance cannot transact the business of a non-banking financial institution. The company is, however, under an obligation to repay public deposits as per the terms and conditions of the contract of deposit.

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