BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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RBI
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Central Government
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State Governments
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Local Bodie
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Detailed explanation-1: -Similarly, Chit Fund Companies are regulated by the respective State Governments and Nidhi Companies are regulated by Ministry of Corporate Affairs, Government of India.
Detailed explanation-2: -In India, chit funds are governed by the Chit Funds Act, 1982. The Act makes registration of chit funds mandatory. The Act also prescribes the various rules and procedures that have to be followed by a chit fund business.
Detailed explanation-3: -The Reserve Bank of India (RBI) regulates registered chit funds under the Chit Funds Act, 1982.
Detailed explanation-4: -The 1982 Act regulates chit funds, and prohibits a fund from being created without the prior sanction of the state government. Under a chit fund, people agree to pay a certain amount from time to time into a fund.
Detailed explanation-5: -At present chit funds are governed by Chit Funds Act of 1962, Reserve Bank of India (RBI) Act of 1934, and Securities & Exchange Bond of India (SEBI) Act of 1992 etc. Under the Chit Fund Act of 1962, businesses can be registered and regulated only by the respective State Governments.