NBFCs under central bank scanner in Chhattisgarh

Under RBI norms, no company or bank could offer an interest rate of more than 12.50% per annum

The non banking financial companies (NBFCs) operating in Chhattisgarh would be under the lens of the state government.

The issue figured top in the agenda of state-level coordination committee meeting of the Reserve Bank of India—country’s central bank. The meeting was chaired by RBI Bhopal Region Director P R Ravi Mohan.  

“The meeting stressed for taking up extensive campaign to aware people about the risk associated with investing in the NBFCs,” a state government spokesperson said.

The senior officials from the state administration and police department attended the meeting. Ravi Mohan said that the investors should be informed about checking the registration of the companies with the RBI.

The attractive schemes to double the money within stipulated time had been alluring the investor that need to be exposed, he added.