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| Open loot by private finance companies | | Out of 125 companies, 101 unauthorized deposite | | Early Times Report
Jammu, Dec 9-The private finance companies in the state are flouting the guidelines laid down by the Reserve Bank of India (RBI) and looting the needy people by charging much higher interest on the loans being provided by them.
The Reserve Bank of India stipulates that a lender cannot charge in excess of two percent, but these finance companies have found out a way to hoodwink the people. They charge the first installment from the borrower and the rest through cheques so that there is no proof left that these finance companies are charging in excess of the prescribed interest rate of two percent. It seems improbable that the authorities do not know this simple modus operandi. But no action has ever been taken against any of the private finance companies despite the fact that they provide receipt for cash payment also. How and what they reflect in their balance sheets is anybody’s guess.
But the fact remains that non banking finance companies are thriving and flourishing, thanks to Reserve Bank of India and law enforcing agencies. Thousands of gullible people are being cheated and looted time and again of their hard earned money. That the masses are also to blamed for falling prey to attractive quick schemes and various allurements should be no excuse for the RBI and crime and railway department for allowing these finance companies to go on robbing the people. The first loophole in this regard has been provided by the RBI itself by categorizing these companies into ABC & D categories. Of the total 125 companies listed by the RBI, 101 falling in the BC & D categories are registered but not authorized deposite. Its here that the whole story of fraud begins. These private financiers have framed the registration certificates and hung them prominently in their offices to entice the gullible public who do not know the difference between registration and authorization. Owing to this the crime and railways department of police is also unable to act against these financiers. A number of finance companies, some state based and some from outside, have been vanishing with lakhs and crores of rupees at regular intervals but this has not deterred the public from getting lured by this enticement. So till date nothing more than lip service has been done by the concerned department. If one can’t accuse the concerned agencies of connivance, one can always blame them for their half- hearted approach in this regard. It is high time that a fool – proof policy is framed to prevent the unscrupulous finance companies from looting and cheating the gullible masses.
It is high time that the government wakes up to the issue to save the gullible masses from the devilish clutches of the unscrupulous private finance companies. Banks are also required to further simplify the lending procedures so that the needy people don’t fall prey to the evil designs of the private finance companies.
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