RBI calls upon states to crack down on illegal deposit schemes

Reserve Bank of India (RBI) Deputy Governor R Gandhi said that state governments have been instructed to take measures against those financial organisations involved in unauthorised collection of deposit money from the public.

“It has come to our notice that certain financial firms in the country are in the process of collecting deposit money from the public without obtaining the required authorisation from the bank,” Gandhi said at the 110th Foundation Day function of City Union Bank.

Gandhi said that the respective State governments were already in the process of identifying such firms to take action against those organisation under State Protection of the Interest of Depositors’ Act.

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