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BREAKING NEWS

India to crack down on savings scams as Modi backs banking for all

By REUTERS

MAY 30, 2016 03:03

Updated: MAY 30, 2016 03:02

India plans legislation to close a regulatory loophole that has made it possible for fraudsters to dupe millions of savers, as Prime Minister Narendra Modi strives to bring the rural poor into the mainstream banking system.

Unscrupulous operators have bilked savers of billions of dollars by running pyramid schemes or promoting questionable investments in everything from tree plantations to farming emus, a flightless bird.

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