Punjab officials attend conference on fin regulatory framework

To increase awareness about unauthorised money pooling schemes, the Punjab government today held a special conference for IAS and IPS officers to understand intricacies of the regulatory framework and redress public grievances particularly in matter of economic offences.
In his keynote address on the inauguration of a one day conference on 'Financial Regulatory Framework and Legal Environment: Need for Coordinated Approach', Punjab Chief Secretary Sarvesh Kaushal said economic offences can not go unnoticed and the accused must be brought justice.
Underlining the severity of financial frauds, he said the Punjab government has already launched a massive campaign to weed out fraudulent financial companies from the state.

Kaushal asked IAS and IPS officers attending the conference to safeguard the interests of the investors/ depositors in their respective areas of operations.
He also asked them to evolve a mechanism in coordination with the Reserve Bank of India and Security Exchange Bureau of India (SEBI) to flush out deceitful financial companies from the state.
The Chief Secretary further appreciated the endeavor of the RBI for organising initiative to generate awareness among the masses and sensitise the officers to take appropriate action against the erring finance companies.

Regional Director of RBI, Nirmal Chand said taking cognizance of the reported instances of cheating and frauds on the part of fake finance institutions, unauthorised and high interest charging money lenders not adhering to the guidelines, RBI initiated required action against them.

RBI was also taking steps to enhance flow of credit towards priority sector lending especially agriculture, micro and small entrepreneurs, weaker sections of the society, various other schemes of banks, NABARD etc, he added.
The apex bank is also making concerted efforts to make Financial Literacy Centres (FLCs) effective enough to attract the people to the banking fold which was safer, he said.