Bihar govt to form date base of non-banking financial company

Alarmed by the chit fund scam in West Bengal, the Bihar government in a bid to tighten control over non-banking financial institutions has decided to monitor them and form a data base.
Deputy Chief Minister Sushil Kumar Modi, who is also state Finance minister, said in a statement that Bihar government, in the wake of chit fund scam in West Bengal, has decided to keep a strict monitoring on the operation of non-banking companies.
The deputy chief minister directed principal secretary of Finance department to prepare a comprehensive dossier of non-banking financial companies functioning in Bihar. Modi also instructed the official to reassess the financial backing of these companies.

Modi asked the officials of the state Finance department to seek information about the people of of the state who have invested in Sarada group and take necessary action.
Modi who had gone to Mumbai two days back in connection with a meeting of GST, had meet SEBI chairman U K Sinha and requested him to take strict action against non banking institutions running illegally in Bihar.