The Reserve Bank of India (RBI) has barred Maharaja Finance and Investment Company Ltd from carrying on the business in the capacity of a non-banking finance company as defined in clause (A) of section 45 (IA) of the RBI Act 1934. The application for certification of registration submitted by the Indore based company has been rejected by the RBI.

Three-day fixed rate repos

The RBI has announced the 6 per cent, three-day rate repos in Government of India dated securities on April 6, 1999.

RBI bars Kuber Mutual

RBI has prohibited Kuber Mutual Benefits, from accepting deposits with effect from April 5, 1999 in any, form, whether by way of fresh deposits or renewal of otherwise, according to section 45K (4) read with section 45MB (1) of the RBI Act 1934.