As a move to keep tabs on activities of non-banking finance companies (NBFCs) and illegal transactions, the Chhattisgarh Government will soon be drafting the Chhattisgarh Protection of Depositor’s Interest Act.
Under this Act, non-banking and other finance companies functioning across the State will have to submit information regarding their activities and documents highlighting information about money deposited by their beneficiaries and others to the District Collectors and Superintendents of Police within the duration of two months.
In this regard, a meeting of State-level Banking Committee (SlBC) was chaired by Chief Secretary Vivek Dhand on Wednesday at the
Mantralaya.
Under this Act, District Collectors and Superintendents of Police will have the authority to freeze bank accounts of NBFCs and their directors in case they escape with hard-earned money of
beneficiaries.