Agartala, Aug 18, 2012 : Finance Minister Badal Choudhury came down heavily on the readily cropping Non-Banking Financial Institutions (NBFIs) in Tripura saying that state government intends to level strict action on them. Speaking at the inauguration ceremony of a new branch of State Bank of India (SBI) at Jolaibari in South Tripura district on Thursday, the minister said, “central government should initiate staunch action on these errant agencies. The issue was taken up with the centre several times though no plausible action has been seen yet”.
He launched a scathing attack on the Congress-led UPA government saying that silence from New Delhi on the issue might be due to close alliance of NBFIs with the central government. Choudhury also batted for formation of a regulatory commission to tackle with issues related to Non-banking Financial Institutions (NBFIs).
Director of Institutional Finance, Government of Tripura, who was also present at the branch inaugural ceremony, said that 118 NBFIs are operating across the country who are collecting unauthorized deposits from the public. Most of these funds are being collected in the name of booking flats, he said adding that the entire business is illegal due to absence of approval from the Reserve Bank of India.
The minister urged for better outreach of baking branches in the far flung areas of the state. Review meeting of the State Level Banking Committees (SLBC) has revealed that figures of new bank branches launched in the state couldn’t meet even half of the figures proposed beforehand. 338 branches of 28 banks are currently operational in the state. 52 additional branches were supposed to be opened in the last financial year. Barely 33 could be launched till date anyway.
He launched a scathing attack on the Congress-led UPA government saying that silence from New Delhi on the issue might be due to close alliance of NBFIs with the central government. Choudhury also batted for formation of a regulatory commission to tackle with issues related to Non-banking Financial Institutions (NBFIs).
Director of Institutional Finance, Government of Tripura, who was also present at the branch inaugural ceremony, said that 118 NBFIs are operating across the country who are collecting unauthorized deposits from the public. Most of these funds are being collected in the name of booking flats, he said adding that the entire business is illegal due to absence of approval from the Reserve Bank of India.
The minister urged for better outreach of baking branches in the far flung areas of the state. Review meeting of the State Level Banking Committees (SLBC) has revealed that figures of new bank branches launched in the state couldn’t meet even half of the figures proposed beforehand. 338 branches of 28 banks are currently operational in the state. 52 additional branches were supposed to be opened in the last financial year. Barely 33 could be launched till date anyway.
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