In the light of deposit mop-up by non-banking finance corporations (NBFCs) Reserve Bank of India Governor D Subbarao admitted there was a dire need to tighten regulations for financial stability and consumer protection. He stressed that collection of deposits outside the banking space should be minimised and finally eliminated. Talking about mushrooming ponzi schemes that have duped many investors in recent times the RBI boss reminded that its jurisdiction was limited to NBFCs, but admitted there was a need to tighten regulation to check such schemes. Ponzi scheme is a fraudulent investment scheme where the money being brought in by newer investors is used to pay off older investors.................
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