Reserve Bank of India Governor D. Subbarao, on Friday, briefed a Parliamentary panel on regulatory issues concerning the recent chit-fund scam in West Bengal and discussed steps that could be taken to prevent recurrence of such frauds.
According to sources, Dr. Subbarao informed the members of the Parliamentary Standing Committee on Finance about the limitation of the central bank in regulating all deposit taking entities.
On the issue of former RBI officers joining such financial companies, Dr. Subbarao said he would discuss the issue and get back to the panel. The issue was raised by panel member and CPI leader Gurudas Dasgupta.
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