A Parliamentary panel has suggested that the Finance Ministry set up a co-ordination body to monitor public deposits.
The body should consist of representatives of the Reserve Bank of India (RBI), the Securities and Exchange Board of India (SEBI), the Ministry of Corporate Affairs and State Governments.
This view emerged on Friday in a meeting of the Standing Committee on Finance to discuss the scam involving money pooling schemes, especially the Saradha scam in West Bengal.
RBI Governor D. Subbarao and his deputy Anand Sinha made a presentation on various regulatory aspects. SEBI chief U.K. Sinha is slated to submit his views on May 31.
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