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Nitish Kumar seeks amendment in laws to stop chit fund companies

Press Trust of India

Last Updated: July 05, 2013, 19:30 IST

Nitish Kumar seeks amendment in laws to stop chit fund companies

Bihar Chief Minister Nitish Kumar on Friday gave direction to bring an amendment in laws relating to non-banking financial institutions for an effective check on the fly by night chit funds.

Bihar Chief Minister Nitish Kumar on Friday gave direction to bring an amendment in laws relating to non-banking financial institutions for an effective check on the fly by night chit funds.

The direction was given during a review meeting of the finance department presided by Kumar. He said as many such companies were luring investors with very high returns, there was a need to have an effective check on their operation, an official release said.

The finance department was earlier with Deputy Chief Minister Sushil Kumar Modi and he had initiated actions against such farms after the Saradha scam surfaced in.

It was decided to regularise adhoc employees working in the department since 1990. Chief Secretary Ashok Kumar Sinha and Development Commissioner Alok Kumar were present at the review meeting.

first published:July 05, 2013, 19:30 IST
last updated:July 05, 2013, 19:30 IST