Be cautious, depositors told

Unlicensed financial institutions wreaking havoc on investors: Chalasani Raghavendra Rao

January 20, 2015 12:00 am | Updated 05:44 am IST - VISAKHAPATNAM:

The mushrooming of unlicensed financial institutions is wreaking havoc on investors, belonging to middle-income groups. The government, and Police Department should help depositors not to get carried away by dubious players offering lucrative interest rates, chairman of Visakhapatnam Cooperative Bank Ltd Chalasani Raghavendra Rao said. He was addressing a group of investors, bank employees and experts at a seminar organised by CPI on Agri Gold depositors and government’s role to control repeated incidents. Chairman emeritus of the Visakhapatnam Co-operative Bank Manam Anjaneyulu told the depositors to think twice before investing in unlicensed financial institutions. Some of the depositors, who attended the meet, said that proper investigation should be carried out to nail the management of Agri Gold for cheating its depositors.

CPI Visakhapatnam district secretary A.J. Stalin and president of Praja Spandana C.S. Rao shared their views on the present functioning of non-banking financial institutions.

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