Central bank, Govt must prevent investors from financial frauds: D Subbarao

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Central bank, Govt must prevent  from financial frauds
Speaking against the backdrop of chit fund schemes going bust in West Bengal and elsewhere, RBI Governor D Subbarao said, it is the responsibility of the central bank as well as the government to protect investors from financial frauds, reported PTI.

"It is the responsibility of the government and the regulators to protect people from such fraudulent schemes," said Subbarao, who demits office in a week's time.

As per the media reports, Subbarao suggested a two-pronged approach: spreading awareness about dubiousness of such schemes among the investors, and deepening financial inclusion so that the common people's savings are routed to the formal financial system.

Recently, the high-profile Saradha Group in West Bengal went bust, putting the hard-earned money of thousands of investors in jeopardy.

Dion Global Solutions Ltd.

Story first published: Thursday, August 29, 2013, 9:10 [IST]
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