Seminar on performance of non-banking financial system concludes

Shimla, Dec 1 (UNI) Seminars on Non- Banking Financing Companies (NBFCS) were being organised in different parts of the country to educate senior administrative officers and police officers in checking fraud financial companies, Himachal Pradesh Additional Finance Secretary R N Batta today said.

Presiding over a similar seminar here, he said it would educate the government officials to keep a watch over the finance companies, non-organised bodies, firms and individuals dealing with deposits from the public.

Mr Batta said various provisions of RBI Act, by which the companies were regulated and governed, would benefit the public as it would help in putting a check on the functioning of the fraud companies.

The state government has already passed the H P Protection of Interests of Deposits Act, 1999 for checking financial frauds, he said.

Speaking on the occasion, Chandigarh's Reserve Bank of India General Manager R K Tandon, who was also present on the occasion, said such seminars would make civil and police officers aware about their role under the provision of RBI Act.

He said they have also been vested with the powers for enforcement of various sections of the Act.

UNI AS DP PKS HT2104