Thursday, March 30, 2023

Government orders strict action against non-banking companies


Jamshedpur : Chief Secretary of State Sajal Chakraborty has asked Deputy Commissioners and police officials to provide details of their respective districts in which non-banking financial institutions are functioning.

The Reserve Bank of India (RBI) has made it clear that not a single non-banking financial company (NBFC) has been given license to collect deposits from the customers by the regulator bank under its Jharkhand-Bihar circle.

The revelation means all such companies in operation in the State are either unauthorised or may be registered elsewhere.

None of the NBFCs operating here are registered with us and authorised to accept deposits from investors. There are just 16 companies who have non-depository permission and they can only issue bonds or take money from market.

Instances of people getting cheated in the hands of illegal financing companies have been reoccurring in various parts of Jharkhand and elsewhere, especially in rural areas.

The Chief Secretary said that lack of awareness among people play a major role into this. The Government will launch awareness drive in this regard.

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