JAMMU, JANUARY 10: Chief Secretary, B V R Subrahmanyam Thursday chaired the 30th meeting of the State Level Coordination Committee (SLCC) on Non-Banking Financial Companies (NBFCs) and Un-incorporated Bodies (UIBs) convened by the Reserve Bank of India (RBI).
Regional Director RBI Jammu, Principal Secretary Home, ADGP CID, IGP (CIV), PHQ and senior officers from RBI, SEBI and Government participated in the meeting.
The SLCC reviewed the progress regarding notification of the rules in terms of the Jammu and Kashmir Chit Funds Act, 2016, appointment of nodal officer under the Jammu and Kashmir Protection of Interests of Depositors (in Financial Establishment) Act, 2018, sharing of Market Intelligence (MI) on NBFI activities, SOP for dealing with public complaint, issuance of notification under Section 45 T and 58 E of the RBI Act, 1934 and other issues.
The SLCC was informed that the rules in terms of the Jammu and Kashmir Chit Funds Act, 2016 have been finalized and will be notified shortly. Further, it was informed that under the Jammu and Kashmir Protection of Interests of Depositors (in Financial Establishment) Act, 2018; Additional District Magistrate shall be the Competent Authority within their territorial jurisdiction for carrying out the purpose of the said Act. The order to this effect was issued by the State Finance Department on 8th January, 2018.