President Pranab Mukherjee on Tuesday gave assent to the Odisha Protection of Interest of Depositors (in financial establishment) Bill, 2011. The Bill contains extensive safeguards for protecting small investors from fraudulent financial entities.
The Assembly had passed the Odisha Protection of Interest of Depositors (in financial establishment) Bill on December 17, 2011. It was sent to the Ministry of Home Affairs by the Governor’s secretariat on April 3, 2012.
With Opposition Congress and BJP announcing plans to make chit fund fraud a poll issue, Chief Minister Naveen Patnaik had written to Union Home Minister Sushilkumar Shinde seeking his intervention for an early Presidential assent to the Bill protecting depositors’ interests.