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RBI cautions NBFCs on fake bank guarantees

RBI cautions NBFCs on fake bank guarantees
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First Published: Wed, Sep 28 2011. 12 11 AM IST
Updated: Wed, Sep 28 2011. 12 11 AM IST
Mumbai: The Reserve Bank of India (RBI) on Tuesday cautioned non-banking finance companies against dealing with about ten individuals and firms who have allegedly faked bank guarantees to do certain transactions.
In a notification, the RBI said it has noticed instances of wherein bank guarantees purportedly issued by a couple of bank branches in favour of different entities were presented for confirmation by other commercial banks/individuals representing some beneficiary firms.
A scrutiny of the said BG revealed that these bank guarantees were fake and the signatures of the bank officials appearing on the BG were forged, the RBI said..
According to the RBI notification, the beneficiaries of these transactions include SFT Exports, Sumsh Infrastructure Pvt Ltd, Tulip and Co and Alka Hotel Pvt Ltd amongst others.
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First Published: Wed, Sep 28 2011. 12 11 AM IST