BANKING IN INDIA
UNDESIRABLE TRENDS IN EXPANSION Recd. 9.30 p.m. London, Jan. 15. An Indian Government ordinance issued yesterday authorised the Reserve Bank of India to inspect any banking company’s affairs, says Reuter’s New Delhi correspondent. If, after reading the reports of the inspection, the Government considered a company's affairs were conducted to the detriment of depositors’ interests, the Government could forbid the company to receive fresh deposits. The recent rapid expansion of banks is reported to be accompanied by undesirable trends; for example, the tendency to acquire control of nonbanking companies by purchasing shares at inflated prices and granting large unsecured loans to persons connected with the management of the banks.
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Wanganui Chronicle, Volume 90, Issue 13, 16 January 1946, Page 5
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112BANKING IN INDIA Wanganui Chronicle, Volume 90, Issue 13, 16 January 1946, Page 5
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