-The Hindu Business Line A mint-fresh working paper by the Reserve Bank of India once again trains the spotlight on a problem that, for five decades, every policy-maker has planned to snuff out, failed to, and then wished it would go away if ignored. But financial exclusion simply hasn't, and we now have the central bank applying its forensic skills to an examination of its magnitude. The title of Working Paper Series...
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Trail of death in chit fund collapse -Falguni Banerjee & Sanjib Chakraborty
-The Times of India CHINSURAH/SODEPUR: The body count in the aftermath of the Saradha collapse keeps going up. A director of a micro-finance company was murdered at his home in Hooghly's Chinsurah on Monday even as the father of a chit fund agent hanged himself after being beaten and humiliated by cheated depositors in Sodepur on the northern outskirts of Kolkata. This is the eighth suicide since the Saradha Group meltdown ruined...
More »Mamata's nephew a party to Ponzi schemes: CPM
-The Hindustan Times Demanding a CBI inquiry into Saradha Group financial scam, CPI(M) has accused chief minister Mamata Banerjee's nephew of being involved in Ponzi schemes. "Mamata Banerjee's nephew Abhishek Banerjee, who is the leader of Trinamool Youth Congress, runs a company which is involved in real estate and micro-finance and has made a huge amount of money in the last two to three years. Its turnover has skyrocketed to 300 crores...
More »WB chit fund scam: Governor calls special Assembly session next week
-CNN-IBN Kolkata: West Bengal Governor MK Narayanan has called a special session of the state Assembly next week beginning April 29 to discuss the chit fund scam. Speaker Biman Banerjee, in fact, has called an all-party meeting at 3 pm on Friday to discuss the special session. But the TMC wants the West Bengal Protection of Depositors' Interest in Financial Institution Bill to be returned by the Centre so that it could...
More »The fall of Saradha group revives old ghosts of ponzi schemes going bust -Atmadip Ray
-The Economic Times For many, it is a sense of deja vu. Fifteen years ago, the government and India's financial regulators came under fire after hundreds of crores were cleaned up by a few individuals and entities from gullible investors, who were promised fabulous returns from plantation schemes. In the uproar that followed, the government and the regulators sought to palm off the responsibility of regulation of such schemes on each...
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