RBI cancels certificate of registration of KGK Finance

Mumbai, Nov 25 (UNI) The Reserve Bank of India (RBI) has cancelled the certificate of registration of Chennai-based KGK Finance Limited, for carrying out business of a non-banking financial institution.

Since cancellation of the registration certificate on October 29, 2008, the company cannot transact the business of a non-banking financial institution, a RBI release said.

RBI has annulled the certificate under powers conferred by Section 45-IA (6) of the Reserve Bank of India Act, 1934 and the definition of a non-banking financial institution in clause (a) of Section 45-I of the same Act, the release added.

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