RBI advisory cautions public on depositing money with financial entities | Business Line

RBI advisory cautions public on depositing money with financial entities | Business Line

Issuing this advisory may give the central bank the satisfaction that as a regulator the bank has done its duty of cautioning public against trusting institutions which are not under the regulatory control of RBI. But such advisories do not help the small savers who go by the advice they get through word of mouth and media about the advantages of making deposits with chit funds and financial companies which offer spurious financial ‘products’. GOI, RBI, state governments and banks need to do much more to create awareness among the public about the cheats in the financial sector, perhaps in a much more intensified way than the recent RBI initiative to promote financial inclusion or the banks’ efforts to implement KYC norms.
Majority of the small savers and retail investors may not have access to RBI Website. Here, both print and electronic media can play a proactive role by using part of the space and time they usually allocate for publicizing scams or irregularities after they happen, for promoting legally permitted financial products.


M G Warrier, Thiruvananthapuram 


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