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Monday, November 24, 2014

Stay away from imposter NBFCs: RBI

The Reserve Bank of India sounded out a warning bell to the people to remain on guard against certain entities fraudulently posing as Non-Banking Finance Companies (NBFCs).

Such entities, the RBI said, were posing as having got a certificate of registration from the regulator to do business. They were reportedly approaching the people with loan offers and would collect a sizeable amount as processing fees and then flee with the money so collected.

Such entities include companies, partnership firms, individuals, the RBI said, adding, “It is understood that entities/imposters are promising loans to the needy public at attractive rates and collecting money from them as processing charges for the loans/advances and vanish with the money so collected,” the RBI said.

The central bank advised people to refrain from making any payments or financial commitments to any individuals/entities without verifying the veracity of the transaction, the credentials and genuineness of licence or Certificate of Registration issued by the appropriate regulatory authority to function as a financial institution.

Source : Thehindubusinessline


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