The Investor Education and Protection Fund (IEPF) Authority has pressured The Peerless General Finance and Investment Company Ltd to switch deposits well worth about Rs 1,514 crore to the IEPF.
“This depositor’s cash turned into pending with the company for the ultimate 15 years. The rely got here to the awareness of the Authority these days, and within a quick time, because of the proactive motion of the Authority, the said sum has now been transferred to IEPF,” an authentic announcement stated. “This amount become taken through the organization by issuing approximately 1.Forty-nine crore Deposit Certificates to extra than 1 crore character traders. The records submitted via the well-known company show that fifty.77 consistent with the total quantity changed into taken inside the shape of deposit certificate worth Rs 2,000 or much less. Number clever, such certificate shape eighty-five .32 in keeping with cent of the overall variety of certificates issued,” the declaration said.
“The majority of those investors are commonplace residents belonging to the lower and middle earnings institution, together with daily wage earners, amongst others. Geographically, the investors belong to 30 states and Union Territories. The majority of traders belong to West Bengal,” the assertion delivered.
The IEPF Authority is inside the commissioning a web facility to gather primary statistics immediately from retail traders about deposits that have matured and are still pending with diverse entities for compensation or payment of hobby. The online report will seize the simplest important fields, with various drop-down options. The Authority can also take numerous steps to make all such groups and other entities observe the Companies Act or other allied associated criminal provisions. The length of the IEPF Fund has nearly doubled inside 365 days, with an accrued corpus of about Rs four,138 crores. Errant businesses have additionally transferred approximately Rs 65.02 crore deposits valuing Rs 21,232.15 crore.
The well-known scene from the epic Hindi film Mother India (1957) accurately mirrored the then newly impartial India instances. A village woman, Radha (played via Nargis), confused with acute poverty, changed into left without a choice but to pledge her family’s fertile land to the ever- grasping village moneylender – involved in a paltry mortgage of Rs 500.
Over 60 years in view that that film was made, what has no longer modified is the truth that getting admission to finance remains tough for borrowers, making the whole perception of ‘inclusive finance’ a privilege in large part restricted to only a few. However, there are corporations and people slowly chipping away at the existing economic framework to make a difference. Efforts of people like Kuldip Maity, who heads the Village Financial Services Ltd (VFS), a Kolkata-based microfinance institution, are proving to be transformative for lots on the fringes of society.
Origins
With footprints throughout 11 states, VFI nowadays boasts of a client base of 4. Seventy-one lakhs. As of Q3 of FY 2018-19, VFS has recorded a disbursal of over Rs 900 crores. So, what induced its founders to challenge this area of interest area?
Maity says a company resolves to cope with the biggest Achilles heel in the cutting-edge microfinance lending area, which is the unavailability of good enough, well-timed, and definitely priced credit score facility, has been the important thing motivator that saved them going all along.
Driven via this spirit, freely giving loans to deserving people on very beneficial phrases has for this reason been VFS’ sole objective ever since its inception a few 40-unusual years in the past, tells Maity. “In 1982, geared toward mitigating gaps in rural fitness and schooling, VFS started off as an NGO, knowns then as Village Welfare Society. In 1994, the Indian Government initiated micro-credit score initiatives to empower the terrible. We were a few of the 10 chosen NGOs to accomplice the program in India. In 2004, to facilitate the changing nature of sports, we have become a non-income known as Village Micro Credit Services. This sooner or later led to the formation of the modern-day entity in 2006- the primary RBI registered NBFC-MFI in Eastern India,” chronicles Maity.
