CS Chairs 31st SLCC meet

Directs for effective monitoring to check activities of NBFCs for benefit of people

JAMMU, JANUARY 27: Chief Secretary B. V. R. Subrahmanyam today chaired 31st State Level Coordination Committee (SLCC) meeting on the working of Non-Banking Financial Companies (NBFCs) & Unincorporated Bodies, at Civil Secretariat here.
Financial Commissioner, Finance, Arun Kumar Mehta, Principal Secretary, Home, Shaleen Kabra, ADG CID, B Srinivas, Secretary Law, Achal Sethi, Regional Director RBI, J&K, Thomas Mathew, General Manager, RBI,H K Soni, DGM RBI, Abhilasha Diwakar, besides representatives from J&K Branch of NIRC of ICAI, SEBI, Registrar Cooperative Societies, J&K participated in the meeting.
While reviewing the progress of implementation of decisions taken in the last SLCC meeting, Chief Secretary directed the concerned officers to have in place a robust and effective monitoring and regulatory mechanism to check the activities of NBFCs and Unincorporated Bodies so as to safeguard the interests of the people in J&K.
A brief presentation was made on Sachet & SLCC Portals detailing all new features included in the portals for the benefit of the investors.
The role of auditors of NBFCs and submission of Exception Report to RBI were the other issues discussed during the meeting.
With regard to implementation of Ordinance passed by GoI on Banning of Unregulated Deposit Schemes, the Chief Secretary asked Financial Commissioner, Finance to expedite its implementation across J&K.
Chief Secretary also directed the concerned officers/agencies to take necessary measures so that people are not defrauded by fake and unregistered firms/bodies.