RBI cautions public against investing in unregistered NBFIs

NEW DELHI: The Reserve Bank on Thursday cautioned public against investing in non-banking finance institutions ( NBFI), including Forex Achievements, which are not registered with the central bank.

"Public are hereby cautioned not to deposit money with such unincorporated bodies. Persons depositing money with such bodies would be doing so at their own risk," RBI said in a statement.

The RBI said, "some entity, which seems to be a foreign one, is operating in India" and doing NBFI business -- accepting deposits, without obtaining a Certificate of Registration from RBI.

"The RBI would like to clarify that no company by the name M/s Forex Achievements is registered as a company under the Companies Act 1956," it added.

RBI said the company is misusing the name of RBI by displaying a fake CoR on its website for collecting deposits from the public.

"The public is hereby warned to be cautious in making investments with such entities," RBI added.