Working on definition of deposits for financial entities: RBI deputy governor

Tags: News
Reserve Bank of India deputy governor R Gandhi said on Monday that the central bank is working with the finance ministry on the definition of deposits for financial entities beyond banks and non-bank finance companies.

A recent spate of regulatory action on small entities, loosely known as chit funds, collecting deposits has raised concerns over unauthorised deposit-taking in India.

"We have to define in such a way that who will be the regulator for different types of collection of money," Gandhi said on the sidelines of a meeting with state finance secretaries.

"Today, certain things are clear, certain things are unclear. In the unclear area, we are trying to bring more clarity."

Gandhi also said the RBI was examining the feedback on a recent circular where it asked non-bank finance companies to accept only a certain category of shares known as Group 1 shares as collateral for loans above 500,000 rupees.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.

EDITORIAL OF THE DAY

  • E-auction and eventual privatisation of coal industry are welcome steps

    The government’s decision to privatise the scam-ridden coal industry through a presidential ordinance will eventually end the monopoly of public sec

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

Chander Mohan Sethi

CMD, Reckitt Benckiser India

COLUMNIST

Tushar Gandhi

Sustainable model for rural sanitation

Prime minister Narendra Modi has promised to build a toilet ...

Rajgopal Nidamboor

Synchronous balance is vital for one and all

Imagine that you are playing an electronic game, or actually ...

Shona Adhikari

When women to birds become a painter’s muses

This week the focus is on renowned artist Amitabha Banerjee, ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture