The Reserve Bank of India (RBI) and the Securities and Exchange Board of India (SEBI) will collaborate with the Punjab government to launch an awareness campaign to make citizens aware of fraudulent financial companies. Officers with the Punjab Police will also be trained on effective handling of economic offences. The finer details of these initiatives were discussed at a State-Level Coordination Committee (SLCC) meeting on Thursday.
Punjab chief secretary Sarvesh Kaushal who chaired the meeting said, “The Punjab Protection of Interest of Depositors (in Financial Establishment) Bill, 2015, has been passed by state legislative assembly. The aim is to safeguard the interests of the public.”
RBI regional director Rashmi Fauzdar said prohibitory orders had been passed against seven financial companies of the northern region including Kuldip Finance Jalandhar, Skylark Deposit and Advances Moga, Virk Hire Purchase Jalandhar. She added that the registration of Ramir Finance Batala, Sagar Motor Finance Jalandhar had also been cancelled with show-case notices being issued to Alchemist Capital, Mitter Finance Company Ludhiana, SRF Hire Purchase and Subh Leasing.
The chief secretary asked the RBI to put these names in public domain and asked Punjab Police to finalise a detailed analysis report on the trend of economic offences in the state over the past five years. He added that the data for the state needed to be benchmarked against other states.