Co accepts mistake of launching schemes sans nod: CoP

Bangalore, Nov 4 (UNI) City Police Commissioner Shankar Bidari today said City Money Ltd had accepted its mistake of launching various schemes without obtaining Non-Banking Finance Company licence from the Reserve Bank of India (RBI).

Mr Bidari told reporters here the company advocates had approached him following complaints to assure him it had, so far, not accepted deposits from anybody.

The officials said the company is awaiting a licence from the RBI and would not accept the deposits till they get it.

They had also assured none of their companies across the country will make any transactions without appropriate permission.

The City Money Ltd was a sister company of the City Limouzines, he said.

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