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RBI bans chit funds from taking public deposits

RBI bans chit funds from taking public deposits
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First Published: Fri, Aug 28 2009. 11 40 PM IST
Updated: Fri, Aug 28 2009. 11 40 PM IST
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.
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First Published: Fri, Aug 28 2009. 11 40 PM IST