Micro-finance companies operating sans RBI nod in Vidisha

BHOPAL: Nearly half a dozen micro-finance companies are allegedly operating without valid permissions and duping customers in Vidisha. Officials of the district administration raided and sealed offices of two of the companies situated at Ganj Basoda, on Wednesday.
District collector Anand Sharma said, "Complaints have been received regarding the microfinance companies operating in Ganj Basoda area and a probe has been ordered."
Sources said that 33-year-old resident of the area, Nilofar, had lodged a complaint that one of the microfinance companies deducted money from her account without her knowledge.
"Five of the companies are based in South India and are operating without valid permission from RBI. We have sealed two of the companies -- SV Credit Lines private limited and Skand Microfinance. Search for rest of the companies is underway," SDM of Ganj Basoda, O P Shrivastava told TOI.
Tehsildars in the district have been instructed to find out details about the other three companies and get possession of their records, Shrivastava added.