Delegation of the Confederation of the NCR Resident Welfare Associations (CONRWA) met the Regional Director of Reserve Bank of India

ON 9th May 2014, a delegation of the Confederation of the NCR Resident Welfare Associations (CONRWA) met the Regional Director of Reserve Bank of India where in the following officials were present :-

• Shri Deepak Singhal, Regional Director, Reserve Bank of India
• Shri Yogesh Dayal,Gen Manager,National Clearing Cell, RBI
• Shri Rohit Jain, Gen Manager, Department of Banking Supervision, RBI
• Shri P Vasudevan, Department of Non-Banking Supervision, RBI

A point was raised that some of the dealers are coming out with dubious schemes to cheat the gullible public ; the Scheme entails the payment of initial large number of installments by the customer and last one or two installments by the dealer. The customer will be entitled to purchase a good from the dealer after payment of all installments at the then market prevailing rate. This is an unauthorized enticement of the common man. A dealer can not accept deposits like a chit fund company. Often, an argument is given by the dealers that they are taking advance against the purchase but advance is against a fixed price of the product and generally in one go, not in installments. If adequate restraints were put in time, the Sharda Chit Fund company scam would not have taken place. Therefore there is a crying need to safeguard the interest of the common man against exploitation at the hands of the unscrupulous dealers, jewellers, traders, businessman etc.

The Regional Director of the RBI Deepak Singhal said that unincorporated bodies are prohibited from accepting deposits from public. He said that RBI regulates only the incorporated bodies and hence in such cases, there is a need to create awareness amongst the public not to make deposits with unincorporated bodies. He offered to educate the RWAs in this regard whenever the need arise. He, however, promised to look in to with great sincerity, any specific case if brought to his notice by CONRWA.
Points regarding excessive charges levied by the Banks on Drafts, Pay orders and solvency certificates were also raised during the discussion. The Officers of the RBI suggested that it will in the fitness of things if transactions are made electronically but nevertheless, Banks have been instructed to levy only reasonable charges on Drafts, Pay Orders and Solvency certificates.

The delegation of CONRWA comprised its President Adv P S Jain, Gen Secy Chetan Sharma, Convenor of CONRWA Col Tejandra Pal Tyagi, Treasurer M L Sharma , Secretary Vijay Bhati, Shri Vinay Gupta and Executive Member P K Agrawal

Adv P S Jain Col Tejandra Pal Tyagi Chetan Sharma
President Convenor Gen Secy 9811100534.

Confederation of the NCR Resident Welfare Associations (CONRWA)