In a circular, the Reserve Bank of India has alerted banks that in cases where accounts have already been opened in the names of the marketing agencies, retail traders and investment firms, the banks should undertake quick reviews. “Wherever large number of cheque books has been issued to such firms, the relative decision may be reviewed,” it said.
With many MLM companies recently using the banking technology to dupe investors, the RBI said, “banks should be careful in opening accounts of the marketing/trading agencies etc. Especially, strict compliance with KYC (know your customer) and AML (anti-money laundering) guidelines issued by the RBI should be ensured in the matter.”
The banking regulator also named seven MLM companies (Fine India Sales Pvt Ltd, Lakshya Levels Marketing, Eve Industries, Trident Advertising & Trade Links Pvt. Ltd, Super Life Link Distributors, Lue Brain Education Society and Manya Mantra Marketing). “These firms and their agents had reportedly promised very high returns on deposits and lured common people to part with funds in the name of certain investment/deposit schemes,” the RBI said.
ASKS BANKS TO TIGHTEN FRAUD RISK MANAGEMENT
MUMBAI: The Reserve Bank of India has asked banks to tighten the internal policy for fraud risk management and fraud investigation function as the incidence of frauds in Indian banks has been showing an increasing trend, especially in housing and mortgage loans, credit card dues and internet banking. “It is a matter of concern that instances of frauds in the traditional areas of banking such as cash credit, export finance, guarantees, letters of credit etc remain unabated,” the RBI said a year after the surfacing of the global financial crisis.
Hi, Heard a lot about RMP... someone have first hand experience..?? Is it worth joining..??
dear sir, plz tell me about NEWLOOK MULTITRDE PVT LTD. SURAT GUJRAT, THANKS.
FINE INDIA KA CORT KA FAISALA WHY
WHY ARE NOT ACCEPT COMMENT AGAINST SURYANSHI PMS, PL TELL ME
I want to know about smart value compony is it working with binery plan is trusted or no and what kind of doc. And Certfication For legal mlm compony sir plese suggest me about that.
IS WSS LIGEL OR NOT LEGEL
What is about Ram Survey .On daily basis updating his web pages and misguiding the peoples. Already several peoples are cheated. Still no responce given for payments. Ram Bazar is also purely a fraud organisation , not giving any responce . No responce of any mails and phone calls . However the company is registered under company acts as a Ram naresh marketing pvt ltd . Registrar of company has also to take action against such fraud .
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k u start . . . .i am joining ur concepts . . . . .but u give a document for me. . . .
i think finrox a DELHI BASED COMPANY IS ALSO FRAUD
is RMP infotec pvt ltd. is no. 1 company in india & Asia or not.is it faithful company....?
Pls confirm whether NMART newlook multilevel marketing is legalised or not.
how can we know that the company is fraud or not i want to know whether the company rmp infotec pvt.ltd. company which is a networking company is authorised to work in india and is the permission granted by reserve bank of india.than you
I want to know that the plans of MLM compnies are actualy as they are presented and where are loops holes in it. Is it a kind of new legal way of fooling people?
sir plz tell me the future of ram survey financial corporation from mirjapur
What about stock guru india? Companie refund all money taken by the invester?
sir, i visited the head office and there are so many allegations, somany people came to head office and fighted with the management.some of the management said secretely that the company accounts are fraud and they are ready to escape any time . please dont do the business you will be get troubled, no doubt the company is going to close. please hurry up get your investments as early as possible with the known director. I had fighted and get back my money 250000 with the help of some political party. please alert and get back your money.
I want to know about speakasia. thay have long time vision?
what about shinemultitrade india pvt ltd,the invest amount is returned or not. pls take fast action.
I JUST WANT TO KNOW THAT THE COMPANY OF SPEAKASIAONLINE HAS BEEN APPROVED FROM RESERV BANK OF INDIA OR NOT AND WHAT IS THE FUTURE OF THIS COMPANY IN INDIA.PLS TELL ME AS SOON AS PSSIBLE.
give me full detals
RBI, SIR,please realise fineIndia or refund the amount taken by the company.i and my downlines are suffered a lot.So,i appeal to the higher autharity to take a quick action.
is its funding agecies r true
Who is SPEAKASIAONLINE.PTE.LTD,is it legal?Is it an IDSA member?Is it MLM business? Does the company have long time vision?
Unipay2u company is Legal Or Ilegal in India.
TO KNOW MORE ABOUT BIZARRE