THIRUVANANTHAPURAM : The Reserve Bank of India (RBI) has directed the Pathanamthitta-based Popular Finance to not collect deposits from the public. An official press note said here on Thursday that the institution could not collect deposits from the public under Section 45 of the RBI Act. Collection of deposits in violation of the section would invite punishment including imprisonment. People who deposited money with such institutions would be doing so at their risk.
The Hindu
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