The Central Bank has informed the public to refrain from investing in unregistered financial institutions.
The Financial Institutions have to be registered in the Central Bank to be legalized. He said that those institutions are responsible for the investments as there is legal bondage.
Information has come to light that unregistered institutions are only interested in collecting money from the people. Governor of the Central bank Ajith Nivard Cabral has called upon the public not to incur unnecessary losses by investing in these institutions with the expectation of higher benefits.
Certain financial institutions have been encouraging people for such investments in a number of sectors including cultivation projects informing that higher benefits will be available. The Central Bank Governor has requested the public to look into the legality of institutions before investing in them.