In a meeting held with senior officials of RBI and SEBI, Punjab Chief Secretary Sarvesh Kaushal emphasized on keeping a close watch on such NBFC's coming up with lucrative schemes to cheat people and also stressed on sensitising public in this regard.
He pointed out that chit fund scam occurred in the eastern part of the country was an eye openers for the financial regulators and the government.
The Chief Secretary was apprised by RBI officials present in the meeting that RBI was minutely supervising the activities of the registered Non-Banking Financial Companies (NBFC) in the state and was also cancelling the registration certificates of NBFCs where it finds that financial irregularities are committed.
All such cancellations of Registrations by RBI shall be available in public domain on state government websites for convenience of general public.
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Further, SEBI has also provided a list of nine companies to the state government, which are not being operated in accordance with the SEBI guidelines.
The Chief Secretary assured to initiate appropriate action against these erring companies, said an official release.
Chief Secretary informed that the Punjab Cabinet has already approved the Punjab Protection of Interest of Depositors' Bill 2014 and before it is passed by the State Legislature, the draft of the Bill has been forwarded to the RBI and SEBI for comments.
He said the state has already notified Additional Deputy Commissioner (Development) of all the districts as Joint Director, Institutional Finance and Banking.