.............M.K. Verma, Regional Director (Bihar and Jharkhand), Reserve Bank of India (RBI), revealed that the committee, which liases with the state government, RBI and other regulators such as Sebi, took this decision at a meeting in Ranchi on Thursday. Speaking to media persons at the RBI office, Verma, who is also coordinator of the committee, rued that although Jharkhand had enacted Protection of Interest of Depositors Act, it was yet to frame rules. Therefore, the committee decided to approach the state government to expedite framing of rules. It also decided to ask the state government to first, create a post of registrar of chit funds and then appoint a competent person for better functioning of the system. “There is a need for designating a competent authority from the government’s side to tackle NBFC-related issues and sharing information with committee members,” he said............
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