Instructions have been given to ensure strict action within the time limit on the complaints of fraud with public by non-banking financial institutions and companies. A meeting of the 39th State Level Coordination Committee related to non-banking financial institutions and unincorporated companies was held under the chairmanship of Chief Secretary Iqbal Singh Bains.
It was informed in the meeting that chit fund and other unincorporated companies lure and collect money from the public by promising them more money. By the time people realize that they have been cheated, these companies disappear. Banks and the administration continuously warn people to be aware of such institutions. Instructions were given in the meeting that a continuous awareness campaign should be conducted to protect people from financial fraud.
It was informed in the meeting that the Reserve Bank of India received 1318 complaints against 164 companies / institutions etc. which have been collecting money through unauthorized and illegal methods. Complaints have been sent to SEBI, CID, District Collector and other investigating agencies to take action.
It was informed in the meeting that the Reserve Bank of India organized public awareness activities in order to make people aware and alert not to give information to anyone about A.T.M pin, OTP, to protect themselves against financial frauds and fraudulent financial schemes. Under this, medium like newspapers, Doordarshan etc.