......Deposing before the Standing Committee of Finance here today, RBI Governor Raghuram Rajan and other central bank officials made it clear that the organizational set up of the central bank is not suited for regulating and supervising such entities. “Effective regulation of such entities would only be possible by authorities who have the necessary reach and wherewithal to cover remote areas. The regulation of such entities by the RBI or any central authority, which does not have a local presence, could prove to be both ineffective and expensive”, the RBI said........
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