Sahara exits non-banking business

Mumbai, Sep 12: Sahara India Investment Corporation Limited, has voluntarily exited non-banking financial business, RBI said on Friday, Sep 12.

RBI in a release here said it has cancelled on August 11, 2008, the certificate of registration of Sahara India Investment Corporation Limited for carrying on the business of a non-banking financial institution in terms of Section 45-IA (6) of the Reserve Bank of India Act, 1934. Sahara India Investment Corporation Ltd, which is one of the group companies belonging to Sahara Group, as such cannot transact the business of a non-banking financial institution as defined in clause (a) of Section 45-IA of the Reserve Bank of India Act, 1934, the release said.

UNI