Prevent unscrupulous companies from duping people of their hard-earned money: CS

Chairs RBI’s state coordination committee meet on NBFCs

Srinagar, Publish Date: Oct 13 2017 1:14AM | Updated Date: Oct 13 2017 1:14AM
Prevent unscrupulous companies from duping people of their hard-earned money: CS

Chief Secretary, BB Vyas Tuesday chaired the 28th meeting of the State Level Coordination Committee (SLCC) on Non-Banking Financial Companies (NBFCs) and Un-incorporated Bodies (UIBs) convened by the Reserve Bank of India (RBI).

Officer-in-Charge, RBI Jammu, P Shimrah, Principal Secretary Home, RK Goyal, Principal Secretary Finance, Naveen K Choudhary, IGP Crime, J&K, Alok Puri and senior officers from RBI, SEBI, Registrar of Cooperatives (RCS) and State Government participated in the meeting, according to an official spokesperson.

Chief Secretary stressed on greater co-ordination between the regulators and law enforcement agencies to prevent unscrupulous companies from luring investors and duping them of their hard-earned money. He underscored the need to protect the interests of public from unscrupulous entities and to take stringent action, wherever, required.

Chief Secretary emphasized on conducting Investor Awareness Programmes and giving wide publicity about such errant companies for general public awareness. He emphasized on strengthening cyber security wings and advised creating awareness of the same amongst the law enforcing authorities in view of rising economic offences.

The Committee also reviewed the status of action taken against certain delinquent entities and unscrupulous companies besides status of formation of a Sub-Committee of SLCC to share market intelligence.

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