New Delhi, Oct. 24 -- The Reserve Bank of India (RBI), in a public notice, has warned people against dealing with an entity named "Unfeeding World Bank", saying it has no banking licence and that deposits placed with it are not protected under the country's deposit insurance system.
According to the notice issued by the RBI's Department of Supervision, Kanpur, the entity's use of the word "Bank" violates Section 7 of the Banking Regulation Act, 1949.
The notice identifies the entity's website as unfeedingworldbank.com and states that it has not been authorised by the central bank to undertake banking business.
"The said entity has neither been issued any banking license by the Reserve Bank under the B.R. Act, 1949 nor is it authorised by...