Profit

RBI bans Sahara from accepting public deposits

PUBLISHED ON: June 4, 2008 | Duration: 2 min, 03 sec

  
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The Reserve Bank of India (RBI) on Wednesday banned with immediate effect Sahara India Financial Corporation Ltd (SIFCL) from accepting public deposit, for violation of various rules including "know your customer" norms. The Lucknow-based company, owned by industrialist Subrato Roy, has been asked to repay the deposits as and when they mature, but allowed it to carry on other business activities as per law.
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