Abstract :
With the monetization of the economy, we are in need of mediator between those
people who have surplus money and those people who are in need of money. The
role of this mediator may be either from organized as well as unorganized sector. In
India, with the characteristics of dualism, we have banks and financial institutions in
the organized sector and moneylenders, saving clubs, pawn brokers, NBFCs, etc. in
the unorganized sector. With the initiatives of RBI, NBFCs are trying to bring into
the fold of organized financial sector with the introduction of many regulatory
measures. Though we have strong networking of organized banking and financial
institutions, the role of various players in the unorganized sector cannot be
neglected. A large population of the country is still depending for their credit needs
on the players in the unorganized sector. In the present paper, an initiative has been
taken up to study the functioning of Unincorporated Bodies (UIBs) engaged in
financial activities with special reference to their nature of services, their
complementary role in the economy, nature of their customers/beneficiaries, reasons
for opting their services, their regulatory measures, organized
bankers view on them, etc.
