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.

EDITORIAL OF THE DAY

  • The Muslim Personal Law Application Act needs an overhaul

    Triple talaq or khola as means to divorce or dissolve one’s marriage in the Muslim community is unacceptable, as the Allahabad High Court judgment s

FC NEWSLETTER

Stay informed on our latest news!

TODAY'S COLUMNS

Sandeep Bamzai

<b>Disequilibrium:</b> THE GREAT GAMBLE

Finance it is said is merely a gun, politics is ...

Ananda Majumdar

<b>Ruminations:</b> BJP looks beyond muscular strategy

Gradually a new strategy for political management has been established ...

BK Chaturvedi

Committed, yet miles to go

Swachh Bharat is a mission to which everyone is committed. ...