#currentaffairs RBI to set up forum to check Ponzi schemes: In - TopicsExpress

#currentaffairs RBI to set up forum to check Ponzi schemes: In view of a series of chit fund frauds, the Reserve Bank of India has decided to set up a separate forum for coordination and sharing information to rein in such investment schemes. The RBI, at its Financial Stability and Development Council meeting in Mumbai yesterday, also stressed the need for a nation-wide awareness campaign about such schemes. The move follows many recent scams, notably Saradha chit fund scheme in West Bengal, where investors are said to have lost thousands of crores. The meeting, held amid concerns over macro economic situation and a sharp slide in rupee against the US dollar, reviewed the potential risks to stability of the domestic financial system. The meeting, chaired by RBI Governor D Subbarao, was attended by chiefs of capital markets regulator SEBI, insurance watchdog IRDA and the pension fund regulator PFRDA. RBI Governor-designate Raghuram Rajan and Economic Affairs Secretary Arvind Mayaram were also present at the meeting. join our official website..ceribrate

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