RBI, SEBI to launch awareness campaign in Punjab

Reserve Bank of India (RBI) and Securities and Exchange Board of India (SEBI) will collaborate with Punjab Government to launch citizen awareness campaigns about fraudulent financial companies and also to train police officials about management of economic offences.
This was discussed in detail in State Level Coordination Committee (SLCC) of RBI held under the chairmanship of Sarvesh Kaushal, Chief Secretary Punjab.
"The Punjab Protection of Interest of Depositors (In Financial Establishment) Bill, 2015" has been passed by the Punjab State Legislative Assembly, said the Chief Secretary.
This is aimed to safeguard the interests of general public against frauds by the Financial Establishments, he said.

Also, for better coordination between RBI, IRDA, NHB, SEBI and the Punjab Government, the websites of these agencies have been integrated, he said.
"This will help citizens access all the relevant financial information on a single window portal," he added.

While presenting the supervisory action taken by RBI Chandigarh office against NBFC, RBI regional director Rashmi Fauzdar said that prohibitory order has been passed against 7 financial companies of the northern region including Kuldip Finance Jalandhar, Skylark Deposit and Advances Moga, Virk Hire Purchase Jalandhar.
Further, registration has been cancelled for Ramir Finance Batala, Sagar Motor Finance Jalandhar, she said.

Show cause notices have also been issued to Alchemist Capital, Mitter Finance Company Ludhiana, SRF Hire Purchase, Subh Leasing, she said.
The Chief Secretary also asked Department of Police to
finalise the detailed analysis report on trend of economic offences in the state in the last 5 years and also benchmark the data against the best of the States in the country.
He asked RBI, SEBI officials to conduct mass awareness campaigns in media informing citizens about fraudulent financial companies and also to conduct training programmes at Punjab Police Academy Phillaur and at all Saanjh Kendras for police personnel involved in handling economic offences.

RBI and SEBI will provide 50 resource persons for such trainings. ICAI will also train all the chartered accountants of the region on various intricacies involved while auditing financial companies.
The Chief Secretary asked the Police Department to timely complete Crime and Criminal Tracking Network & Systems (CCTNS) project which shall help in creation of platforms at State and Central levels for sharing real time crime and criminal information.