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RBI organizes seminar on activities of NBFC, Un-incoroporated bodies

RBI organizes seminar on activities of NBFC, Un-incoroporated bodies

Excelsior Correspondent

JAMMU, Mar 1: Reserve Bank of India (RBI), Jammu organized a seminar for police officials on the activities of Non-Banking Financial Companies and Un-incorporated bodies.
NK Sahu, Regional Director, RBI, in his inaugural address, highlighted the steps taken by RBI for regulation and supervision of NBFC sector and emphasized on the need to protect the interest of depositors and the common man from unscrupulous companies and fly-by-night operators.
He called for greater coordination between the regulators and the law enforcement agencies. He stated that the main purpose of the seminar was to sensitize the police officials about the role of the regulators (RBI, SEBI and ROC) and the law enforcement agencies in controlling the menace of unauthorized collection of deposits by errant companies. Further, the importance of collecting information/ Market Intelligence from the ground level was stressed.
IGP, Jammu highlighted the importance of interaction of financial sector Regulators with Law Enforcement agencies. Sessions on Regulation and Supervision of NBFCs, KYC / Anti-Money Laundering, Deposit Acceptance by Un-incorporated Bodies, etc were taken by RBI officials.
The case studies of unscrupulous companies were discussed with the participants. The sessions were interactive and the queries raised by the police officials were answered to their satisfaction. The seminar concluded with a vote of thanks by PK Jain, DGM, RBI.

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