Rbi Sets Up Four More Fin Firm Wings

The Reserve Bank of India has set up four more financial companies wings under its department of supervision.

These wings have been set up in Chandigarh, Bhopal, Hyderabad and Lucknow and have started operations from March 1, 1997.

These wings are being set up as part of the central banks plan to have one such wing in each of its regional offices. The wings will be set up in a phased manner over the next couple of years.

The first four wings were set up in the four metropolitan cities of Mumbai, Calcutta, New Delhi and Bangalore. In December last year, two more wings were set up in Chennai and Thiruvananthapuram and one wing was set up in Ahmedabad in January this year. Four more wings have now been set up.

 

In the next phase of operations, such Financial Companies Wings will be set up in Patna, Bhubhaneshwar and Guwahati.

These centres have already been asked to depute an assistant manager and a clerk to begin the work of sorting out the files to be transferred to the financial companies wing at short notice as and when the wing is set up.

These wings are being set up to enable the department of supervision to better regulate the 40,000-odd non-banking finance companies (NBFCs) in the country.