BVR calls for effective monitoring of NBFCs
Agencies. Updated: 1/28/2020 10:12:22 AM
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JAMMU: Chief Secretary B V R Subrahmanyam directed 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.
He issued these directions while chairing 31st State Level Coordination Committee (SLCC) meeting on the working of Non-Banking Financial Companies (NBFCs) & Unincorporated Bodies, at Civil Secretariat here.
He reviewed the progress of implementation of decisions taken in the last SLCC meeting, and asked the concerned officers to have in place a robust and effective monitoring and regulatory mechanism to check the activities of NBFCs and Unincorporated Bodies.
“This will safeguard the interests of the people in J&K,” the chief secretary observed.
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 and agencies to take necessary measures so that people are not defrauded by fake and unregistered firms and bodies.