This statement of Dy Governor from RBI is uncalled for as it is tantamount to
admitting failure of RBI in the eyes of public and State Govt
Authorities.Chit funds come under the purview of State Govts in terms of
Chit Funds Act 1982 and RBI has absolutely no role in sponsoring,
running, regulating or supervising Chit funds. The greed of politicians
and some unscrupulous businessmen exploit the sentiments, illiteracy and
poverty of the masses and drag people to chit funds.Financial Inclusion
has not taken off the way it has been planned and desired is a fact and
for that the banks and the attitude of human resources manning the
banks have to be blamed. Even when well off and educated customers are
badly treated by bank officials is an accepted reality, the question of
entertaining poor and illiterate masses by such bank officials cannot
arise. The failure of Governance system in the country in general and by
the state govt in particular has caused the Saradha Scam and accusing
the entire formal system otherwise well regulated and supervised by the
regular has not come out of conviction but to curry favour from
somewhere. This sort of irresponsible statements need to be nipped in
the bud itself. It can even erode the confidence in the formal financial
system which is not in good taste.
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