MUMBAI: The Reserve Bank of India has rejected the application for certificate of registration submitted by New Delhi-based JVG Holdings Ltd. As a result, the company can not transact the business of non-banking financial institution as defined in clause (A) of Section 45 IA of the RBI Act, 1934, the RBI stated in a release issued here today.

The RBI had earlier banned JVG Finance, the group company, from accepting deposits. The RBI has been investigating the books of JVG companies for irregualities.

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