RBI prohibits 2 finance companies from accepting deposits

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Chandigarh, June 6 (UNI) The Reserve Bank of India (RBI) today prohibited two Non-Banking Financial Companies (NBFCs) of Moga in Punjab from accepting deposits in any form whether by way of renewal or otherwise with immediate effect.

These orders were issued here by Mr M S Johar, Deputy General Manager, RBI (Chandigarh).

Mr Johar has informed the members of public that Moga-based companies namely Moga Deposits and Advances Ltd, and Diamond Fincap Ltd have been prohibited under Section 45MB(2) of the RBI Act 1934 from alienation of their property and assets without the prior written permission of the RBI until further orders.

However, the two companies continue to be under obligation to repay public deposits as per the terms and conditions of the contract of the deposits, he added.

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