Assam to launch crackdown on unauthorized non-banking financial companies

GUWAHATI: Assam has decided to launch a crackdown on non-banking financial companies (NBFCs). The state has witnessed several cases where such bodies has swindled public deposit and fled the state.

According to state government there are 109 non-government financial institutions operating in the State.

Assam chief minister Tarun Gogoi said "There are lots of non-banking financial companies (NBFCs) in the state and some of them are dubious. We also ask the common people in the state to exercise caution before investing their hard-earned money."

The government in the state assembly has stated 23 of these companies have been operating illegally as they do not have any RBI permissions for such operations. They are operating with the help of the licenses obtained from the municipal corporation or the municipal bodies.