SC notice to Centre over chit funds

NEW DELHI: The Supreme Court on Tuesday issued notices to the Centre, market regulator Sebi and Reserve Bank of India on a PIL seeking activation of a stringent regulatory mechanism to control activities of mushrooming of chit funds, many of which dupe investors of their life's savings.

RBI to educate investors on identifying fraudsters

As part of its campaign to educate the public about falling prey to financial fraud, the Reserve Bank of India (RBI) conducted an awareness camp here on Monday. A similar camp was held in Erode recently.The RBI’s district level awareness drive is seen as a pre-emptive initiative aimed at ensuring that the public is not duped. It is more than 15 years since the Tamil Nadu Protection of Interest of Depositors (In Financial Establishments) Act 1997 has been in force. Yet, gullible people are routinely cheated.

RBI increases efforts to track 'chit fund' schemes

In an effort to control what has been dubbed the Indian 'chit fund' scam, the Reserve Bank of India has started scrutinising some 3,000 companies that the central bank thinks could be carrying out non-banking finance operations without requisite registration.The central bank's move comes in the backdrop of the government's efforts to crack down on entities which raise money from small investors with promises of unrealistic returns.

RBI to circulate plastic notes

New Delhi : Reserve Bank of India (RBI) now will try to circulate plastic notes in the country. After getting green signal from the centre, Banks will issue 10 rupees note in plastic. Governor of Reserve Bank, Duvvuri Subbarao, “We are waiting for government’s nod to issue plastic currency in the nation.”

RBI chief briefs house panel on chit-fund scam

Reserve Bank of India Governor D. Subbarao, on Friday, briefed a Parliamentary panel on regulatory issues concerning the recent chit-fund scam in West Bengal and discussed steps that could be taken to prevent recurrence of such frauds.
According to sources, Dr. Subbarao informed the members of the Parliamentary Standing Committee on Finance about the limitation of the central bank in regulating all deposit taking entities.