Sahara India Fiance- RBI order

I am delighted to see RBI 's timely move in directing Sahara India Fiance to Refund the deposits accepted b y them. Time and again , innocent people out of lust got trapped in cunning moves of these Finance companies. They offer hefty commision, attractive ROI and finally lot of maoney collected and company vanishes or gets liquidated. Companies known for their reputation for quite long alos have cheated investors and robbed their hard earned savings including retirement benefit invested by senior citizens. The promoters divert funds and get scott free . Compny goes into bankruptsy,promoter becomes millionnaire.

I strongly feel that -

1. NBFC or any company other than a banking company should not be allowed to accept deposits from ordinary Investors.
2. Promoters, Directors finances should be investigated and attached wherever share holder/depositors do not get their money from company
3. Every Large corporate is living on cheap funds from banks and OTS, Write off are common. Banks should be mandated to publish list of such accounts and also dtails of NPAs of atleast more than Rs. 10 lacs in the public domain.

If politicains, Bureocracy and juudiciary has rampant corruption, corporates are exploiting banks , public money in turn and preach morality.
The greatest solace for us citizens is the activism of Fourth estate.

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