The government will soon come up with a central law to deal with chit funds, Finance Minister Arun Jaitley said Thursday. “SEBI is looking into the existing chit fund cases. There are state laws to deal with them in Bengal and Odisha. But what to do with those who run operations throughout the country? We are drafting a central law and very soon we will bring it before you,” Jaitley said while replying to a debate on the Banking Regulation (Amendment) Bill 2017 in Lok Sabha. In the course of his reply, Jaitley said the RBI will begin resolving bad loans. He also agreed that public sector banks that honestly try to address nonperforming assets face the anxiety of being questioned by investigating agencies later.
India will be superpower by 2047, but not high-income economy: Martin Wolf
Read More
