Port Blair, Feb.13: The 7th meeting of the State Level Coordination Committee was held under the Chairmanship of Principal Secretary (Finance), Andaman and Nicobar Administration, on behalf of the Chief Secretary, A&N Administration today. The meeting was convened by Shri SC Murmu, Regional Director, Reserve Bank of India. The meeting was also attended by senior Officers of Administration, General Manager, Department of Non-Banking Services (DNBS), RBI and other Officers from RBI and SEBI.

The main focus of the meeting was to discuss on the incidences of unauthorized collection of funds by fraudulent entities. It was impressed upon to fight the menace of fly by night operators/unscrupulous entities who try to raise deposits illegally by duping public. A coordinated approach by various stake holders viz. Administration, RBI, Police etc was required to curb this menace.

The committee was appraised about the new modus operandi of targeting the pensioners with attractive schemes of deposit. It was emphasized that the pensioners need to be more cautious about such companies. RBI Officials also informed that these days entities are cheating public in the name of providing employment opportunities wherein the public has to register by paying a nominal amount. As soon as the company gets good amount of money by registration, they wind up or their website is not accessible.

Further, the Administration and RBI Officials informed the committee that the Andaman and Nicobar Islands Protection of Interest of Depositors (in Financial Establishments) Regulation has been drafted and shall be submitted to Govt. of India for promulgation. 

Public awareness camp through radio is also being organized by RBI. It was also decided that RBI will share the CBSE curriculum to include financial literacy in CBSE affiliated schools.