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The Reserve Bank of India, RBI, has set-up a committee to check the menace of Chit-fund and various financial irregularities in the country.
This Committee will work in coordination with the State governments regularly. This was stated by the RBI Governor Mr. Raghuram Rajan in a press conference in Kolkata.
Mr. Rajan said that a sub-committee has also been formed to take necessary action against the Chit-funds including Sardah Reality Estate.
With a view to control the money scams, the newly formed Committee has been asked to organize meetings regularly and the banks have been alerted about any financial irregularities or lapses.
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