Early Times Report
Jammu, Apr 23 : Reserve Bank of India today convened 26th meeting of the State Level Coordination Committee (SLCC) on Non Banking Financial Companies (NBFCs) and Unincorporated Bodies (UIBs). The meeting was chaired by B R Sharma, Chief Secretary, J&K and was attended by D Sethy, Regional Director, Reserve Bank of India, Jammu and Kashmir, R K Goyal, Principal Secretary, Home, Muneer Ahmad Khan, IGP (Crime) and representatives from IRDA, SEBI, NHB, RCS and RoC, Ministry of Corporate Affairs and other Senior Officers of state government. Chief Secretary, while making deliberations, emphasized the need of better coordination between policing agencies and regulators. He also emphasized on the need of early detection of fraudulent activities of unincorporated bodies so that innocent depositors' money could be saved on time. He suggested for a mechanism of alerting people through SMS messages about fraudulent activities. D Sethy underlined the need of importance of depositors' awareness in such matters and informed that with the help of information technology, RBI is developing a platform for wider dissemination and sharing of information amongst all policing and regulatory agencies. The Committee underscored the need to educate people and police officials investigating such companies and bodies. Need for greater training requirements of investigating agencies to prevent and pre-empt unscrupulous elements from taking advantage of gullible public was underlined. The Committee deliberated in details about activities of such companies which are registered in one state but indulge in fraudulent activities in other states and run away with the depositor's money before their fraud could be detected. An early enactment of Chit Fund Act in the state was also discussed and introduction of IVRS system for registering complaints against unincorporated bodies was conceptualized in the meeting. The Committee also reviewed the status of action taken against certain delinquent entities with directions from the Chief Secretary to all the concerned agencies to be on look out to prevent such or similar entities from duping people any further anywhere in the State.
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