The 25th State Level Coordination Committee (SLCC) meeting on the working of Non-Banking Financial Companies & Unincorporated Bodies was held under the Chairmanship of Chief Secretary, B R Sharma here today. The meeting was convened by Reserve Bank of India.Regional Director, Reserve Bank of India, Dambrudhar Sethy, Principal Secretary Home, Raj Kumar Goyal, IGP Crime Muneer Ahmed Khan, IGP Jammu Zone, Danish Rana, and representatives from SEBI, NHB, IRDA, Registrar of Companies and other Senior Officers were also present in the meeting.Chief Secretary while receiving brief on the status of registered Non-Banking Financial Companies in the State emphasized on regulation of this sector and priority to protect the interest of the depositors.
Chief Secretary called for greater coordination between the Reserve Bank and the other regulatory and enforcement agencies to prevent unknown companies from luring investors and duping them of their hard earned money.
He also underscored the need of giving wide publicity to Protection of Interest of Depositors’ Act (PID), 2012 through print and electronic media besides emphasized on conducting financial literacy and investor awareness programmes in J&K.On training Police Investigating Officers to deal with cases related to financial fraud, Chief Secretary instructed RBI to organise regular training programmes for the police officers. ‘’Police department and RBI should closely cooperate with each other in organising such training for police officers so that they gain basic and advanced knowledge about the functioning of NBFCs and UIBs” Mr Sharma added.The Committee also reviewed the status of action taken against certain delinquent entities with directions from the Chief Secretary to all the concerned agencies to be on look out to prevent such or similar entities from duping people anywhere in the State.