RBI Governor asks T''gana CM to notify BUDS Act

Hyderabad, Dec 18 (PTI) RBI Governor Sanjay Malhotra on Thursday asked Telangana Chief Minister A Revanth Reddy to notify the BUDS Act, which deals with unregulated deposit schemes.

Malhotra, who was in the city to attend RBI Board meeting, paid a courtesy visit to the CM, a state government release said.

"RBI Governor urged Chief Minister to notify the BUDS (Banning of Unregulated Deposit Schemes) Act. He wished that the (government) move forward with more reforms and plans," it said.

Malhotra told Reddy about the RBI's initiatives in Unified Lending Interface (ULI) and the 'government, private deposits claim campaign'.

Reddy informed the RBI Governor about the reforms undertaken by the state government in electricity sector, the formation of a new power DISCOM (distribution company) and the steps to promote solar energy, the release added.

The ULI is a technology-based initiative to make frictionless credit available to every Indian and to further the Government’s broader vision of digital empowerment, financial inclusion, and last-mile service delivery, an official release had said. PTI SJR SJR SA