Economics • Banking & FinanceMedium
Which of the following bodies in India is responsible for the regulation of chit funds?
A. Reserve Bank of India (RBI)
B. Securities and Exchange Board of India (SEBI)
C. State Governments under the Chit Funds Act, 1982✓ Correct Answer
D. Insurance Regulatory and Development Authority of India (IRDAI)
💡 Solution & Explanation
Chit funds in India are legally governed and regulated by individual state governments under the provisions of the central Chit Funds Act, 1982. Incorrect options like the RBI or SEBI regulate commercial banks and capital markets respectively. Regulatory bodies and statutory frameworks are frequently featured in economy and polity sections.
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