RBI starts program to sensitise people about money laundering

Kolkata, Nov 17 (Calcutta Tube) In a bid to raise public awareness about money laundering agencies, the Reserve Bank of India (RBI) has started a nationwide programme to sensitise people about ‘unscrupulous’ and ‘unregistered’ companies.

RBI regional director M. Chinaswami Tuesday said the programme was initiated after receiving reports about money laundering by ‘some fly by night operators in the financial sectors’.

Chinaswami said, of late, money laundering and cheating cases have gone up in the country, triggering huge economic loses to people.

‘Innocent and unsuspecting customers have suffered miseries. Many of them are from semi-urban areas or villages,’ he said.

‘However, we could not do anything as these operators or agencies did not come under the RBI Act,’ he said.

‘It is the duty of the concerned state government to bring such organisations and chit funds to book, through their own legislations,’ he added.

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