SRINAGAR: The new law enacted by the state legislature recently, will enable the Deputy Commissioners to take necessary action including attachment of properties, against the defaulting Non-Banking Financial Corporations (NBFCs) operating in the state indulging in misappropriation of public deposits.
The information was given by Minister for Finance Abdul Rahim Rather while replying to a question by Ravinder Sharma in the Legislative Council here today.
The Minister said the state government does not regulate functioning of non-banking Finance Companies and as such, details regarding amount of deposit with such companies is not available with the state government.
However, the necessary relevant details may be available with Reserve Bank of India (RBI), he said and maintained that the government has already registered cases against such finance companies who have misappropriated the people’s money.
(agencies)
Trending Now
E-Paper
Follow our WhatsApp channel