Tripura to take strict measures against unauthorized non-banking institutions
By Vaibhav Aggarwal
May 27, 2010
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The state government of Tripura has decided to take strict action against the unauthorized non banking financial institutions operative in the state. The charges against these bodies are that they are collecting deposits from people in a way which is against the norms set by RBI.

"The state government has undertaken an inquiry against the 84 NBFIs functioning in the northeastern state. The state government would also seek advice from the RBI and the finance ministry about the state government's possible steps," Finance Minister of the state Badal Choudhury said.

There has been a sudden surge in the emergence of non bnking financial institutions in the north eastern states in the last few years. These unauthorized entities allure customers to deposit their assets with them by offering unusually high rates of interest. Once the customers deposit their money with them, these entities pack off and evanish from the surroundings.

The minister said, "A large number of depositors have lost their hard earned savings already."

'According to the RBI guideline, no bank or any NBFI can take or give interest more than 12.5 percent against any financial transaction, but some of the NBFIs are collecting and offering 20 percent interest,' Choudhury said.

The finance minister has had a meeting with RBI officials regaarding suitable strategies to be adopted regarding the matter.


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