...........RBI Regional Director J. Sadakkadulla said that the central bank lacked the policing powers required to curb the operations of dubious financial institutions. Therefore, it had decided to equip investors with the means to identify fraudsters. Referring to the latest survey conducted by the RBI in 65 villages of Erode district, he said the findings revealed that even educated people fell victim to attractive but far-fetched interest schemes offered by rogue institutions. “Interest at the rate of 12.5 per cent per annum is the maximum that any good institution would be able to offer,” he said....................
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