.........In December 2012, Reserve Bank of India (RBI) Governor D Subbarao publicly told the state government that it needed to be vigilant on the operations of chit fund companies. "Money circulation schemes are banned under the Prize Chit and Money Circulation Schemes (Banning) Act, 1978, and the respective state governments have the power to take action against people involved in such schemes," he said, asking the state government to intervene.
No one in the state did anything...............
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