Beware OF NBFC

Reserve Bank of India cautions against illegal finance companies

TNN | Sep 1, 2012, 06.07AM IST

UDAIPUR: The Reserve Bank of India (RBI) on Friday asked people in the northeast not to deposit money in unauthorised non-banking financial companies (NBFCs) and institutions expecting hefty returns.

"People should not deposit their hard earned capitals in unauthorised and illegal NBFCs and institutions expecting of getting heavy returns. The people should also inform the RBI and the appropriate authorities on these NBFCs' acts and lodge complaints against the banking services," B.B. Sangma, banking Ombudsmanfor northeastern states, told reporters.
Senior RBI official P.N. Murthy said 118 NBFCs were functioning in Tripura and none of them have registered with the RBI or any authorised bodies.

The Central bank officials were speaking to mediapersons on the sideline of a banking awareness programme at Udaipur in southern Tripura, 55 km south of Tripura capital Agartala. agencies
http://timesofindia.indiatimes.com/city/guwahati/Reserve-Bank-of-India-cautions-against-illegal-finance-companies/articleshow/16105452.cms