Mumbai: The Reserve Bank of India (RBI) has banned chit funds from accepting public deposits with immediate effect, the central bank said in a Friday notification.
Any deposits accepted by miscellaneous non-banking companies, “other than from its shareholders as on date shall be repaid on maturity and shall not be eligible for renewal,” RBI said.
Courtesy:
Staff writer
First Published: Fri, Aug 28 2009. 11 40 PM IST
http://www.livemint.com/Politics/Z1r5sMIukF56xMCz6KEBQM/RBI-bans-chit-funds-from-taking-public-deposits.html
Any deposits accepted by miscellaneous non-banking companies, “other than from its shareholders as on date shall be repaid on maturity and shall not be eligible for renewal,” RBI said.
Courtesy:
Staff writer
First Published: Fri, Aug 28 2009. 11 40 PM IST
http://www.livemint.com/Politics/Z1r5sMIukF56xMCz6KEBQM/RBI-bans-chit-funds-from-taking-public-deposits.html
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