RBI asks people not to invest in illegal finance companies

August 31st, 2012 - 5:47 pm ICT by IANS  

Udaipur (Tripura), Aug 31 (IANS) The Reserve Bank of India (RBI) Friday asked people in the northeast not to deposit money in unauthorised non-banking financial companies (NBFCs) and institutions expecting hefty returns.

“People should not deposit their hard earned capitals in unauthorised and illegal NBFCs and institutions expecting of getting heavy returns. The people should also inform the RBI and the appropriate authorities on these NBFCs’ acts and lodge complaints against the banking services,” B.B. Sangma, banking Ombudsman for northeastern states, told reporters.

Senior RBI official P.N. Murthy said 118 NBFCs were functioning in Tripura and none of them have registered with the RBI or any authorised bodies.

The Central bank officials were speaking to mediapersons on the sideline of a banking awareness programme at Udaipur in southern Tripura, 55 km south of Tripura capital Agartala.

They also asked people to lodge complaints and grievances, if any, about the services of any bank.

“The RBI has taken actions against huge number of complaints on ATM (Automated Teller Machine) and credit card frauds, fraudulent SMS (Short Messaging System) and e-mails, misdeed of NBFCs,” Sangma said.

Related Stories

Tags: , , , , , , , , , , , , , , , , , , ,

Posted in Business |