Does the Banks and NON Banking Finance companies would ever be investigated?
As early as in sixties nation saw a boom of companies who were promising to indian common man of city -town and villages , who were making promise to DOUBLE the money deposited . This was in the backdrop of millions incidents where housewives were cheated by fraudes to double the gold . This was done by a sadhu or baba ,who used to ask the lady of the house to put her jewellery in a earthen pot , and to come back after meditating for half an hour . And when they used to return to get the doubled gold , they used to find that the baba or sadhu has disappeared . Result crying and getting scolded by their men folks . Even in those days Chit fund companies came in existence their Modus -Operandi was to collect small -small amount like Rs one to hundred everyday from door to door . Here also the assurance was to double the collected amount .
According to the Reserve Bank list of NBFC who are authorised to accept the deposit from Public is around Fifteen hundred and NBFC those who are prohibited from accepting the deposit from public is around Five Thousand All these companies are engaged in accepting money from "Public" , when I say it it means that those are authorised they are doing legally but even those are prohibited ,they also do the same thing ,through "back door " . Meaning the money get deposited through authorised Person . Big NBFC's are involve in business are some productive process , they are in the position to repay the Principal amount along with interest . But those who are involved in giving loans on high rate of interest are in a precarious situation .
According to an report these companies are "Defaulter" in making payment to their subscribers . If a NBFC of SAHARA GROUP size is unable to give the detail of payment of Rs 24000 Crores then these small players position can be understood .Some One lakah Fifty thousand Crores is involved . A large chunk of this amount can be said to have been embezzled. Even now every month minimum fifty to sixty complaints are received by police HQ . But the police attitude is very lax ,their excuse is that they are not equipped to prosecute . And the public is being looted everyday .Now these companies have also entered in Media . Their wish is that they can influence the administration and system . This is very unfortunate ..
As early as in sixties nation saw a boom of companies who were promising to indian common man of city -town and villages , who were making promise to DOUBLE the money deposited . This was in the backdrop of millions incidents where housewives were cheated by fraudes to double the gold . This was done by a sadhu or baba ,who used to ask the lady of the house to put her jewellery in a earthen pot , and to come back after meditating for half an hour . And when they used to return to get the doubled gold , they used to find that the baba or sadhu has disappeared . Result crying and getting scolded by their men folks . Even in those days Chit fund companies came in existence their Modus -Operandi was to collect small -small amount like Rs one to hundred everyday from door to door . Here also the assurance was to double the collected amount .
According to the Reserve Bank list of NBFC who are authorised to accept the deposit from Public is around Fifteen hundred and NBFC those who are prohibited from accepting the deposit from public is around Five Thousand All these companies are engaged in accepting money from "Public" , when I say it it means that those are authorised they are doing legally but even those are prohibited ,they also do the same thing ,through "back door " . Meaning the money get deposited through authorised Person . Big NBFC's are involve in business are some productive process , they are in the position to repay the Principal amount along with interest . But those who are involved in giving loans on high rate of interest are in a precarious situation .
According to an report these companies are "Defaulter" in making payment to their subscribers . If a NBFC of SAHARA GROUP size is unable to give the detail of payment of Rs 24000 Crores then these small players position can be understood .Some One lakah Fifty thousand Crores is involved . A large chunk of this amount can be said to have been embezzled. Even now every month minimum fifty to sixty complaints are received by police HQ . But the police attitude is very lax ,their excuse is that they are not equipped to prosecute . And the public is being looted everyday .Now these companies have also entered in Media . Their wish is that they can influence the administration and system . This is very unfortunate ..
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