Crore made from small depositors by Nidhi firms
By Neelima Shankar
Nov 29, 2013
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After the Saradha plunder, an alternate risk is prowling in the currency market holding up to eat up little investors. Numerous firms acting like "banks" are putting forth premium rates higher than that of banks on fixed deposits, when the Reserve Bank has issued no managing an account license in the most recent 10 years. One such "bank" has even set up bulletins over the city welcoming deposits. It offers loans against mortgages.

As per the branch of corporate undertakings, these organizations have recently wiped up about Rs.5,000 crore from the business sector. In the previous year and a half, the Centre has set up a master bunch on Nidhi organizations which suggested an alteration to the present law for the purpose of investors being selected as MBS members for a membership of just Re 1. Prior, an alternate advisory group had indicated the peril in its show up for the corporate issues service.

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