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Crypto Is similar to a Ponzi Scheme: RBI Deputy
T Rabi Sankar, Deputy Governor of the Reserve Bank of India (RBI), said on Monday that cryptocurrency is similar to or even worse than Ponzi schemes and that banning them is the most rational solution for India. He believes there are compelling reasons for cryptocurrencies to remain outside of the official financial system.
“Cryptocurrencies are not amenable to definition as a money, asset, or commodity; they have no underlying cash flows, no intrinsic value; they are equivalent to Ponzi Schemes, and possibly worse,” Sankar remarked at an Indian Banks Association event.
A Ponzi scheme is a type of deception in which cash from new investors is used to pay gains to previous investors. It earns very little, if any, money legally.
“Virtual currencies risk a nation’s monetary integrity and leave it vulnerable to strategic manipulation by private corporations that create them or governments that control them. All of these facts point to the conclusion that outlawing cryptocurrencies is the best option for India The Deputy Governor of the Reserve Bank of India (RBI) stated.
‘Be cautious while dealing with cryptocurrency.’
Sankar went on to say that crypto-technology is based on a philosophy of avoiding government regulations. They were created with the express purpose of avoiding the financial system’s regulation. These should be sufficient grounds for caution.”
“They jeopardise financial integrity, particularly the KYC regime and AML/CFT requirements, and may encourage anti-social behaviour.” More importantly, they have the ability (and will most likely do so if allowed) to destabilise the currency system, the monetary authority, and the financial system.
Sankar expressed concern about the banking sector and the government’s ability to oversee the economy in general.
He cited a Wall Street Journal storey to say that illegal cryptocurrency trades totalled $14 billion in 2021. According to industry estimates, there are roughly 15-20 million cryptocurrency investors in India, with total assets of around $400 billion.
According to the RBI, the average holding remains low at $1,566, implying that “asset loss, if it is a possibility, will likely affect only a tiny fraction of these investors.”
Last week, RBI Governor Shaktikanta Das issued a strong caution against investing in cryptocurrencies, claiming that they lacked the “worth of even a tulip,” referring to a speculative bubble that engulfed the Netherlands in the 17th century.
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Navi Mumbai Cancels Invitations to Newly Elected Corporators for Republic Day Ceremonies
School principals to hoist the national flag following administrative delays.
The Flag Hoisting
The Navi Mumbai Municipal Corporation (NMMC) has cancelled invitations extended to newly elected corporators for Republic Day flag-hoisting ceremonies in civic schools this year, citing administrative and procedural delays.
Although the municipal elections have concluded, the first general body meeting of the newly elected corporators is yet to take place. In view of this, the NMMC education department has issued revised instructions for the January 26 celebrations across all municipal schools. As per the new directive, school principals will themselves conduct the flag-hoisting ceremonies, and corporators will not be invited to preside over the events.
Officials clarified that any earlier circulars or communications instructing schools to invite corporators should be treated as cancelled. In cases where invitation letters have already been sent, school principals have been directed to inform the concerned corporators about the revised decision and explain the administrative reasons behind the change.
The move has been described as a temporary arrangement until formal procedures related to the newly elected body are completed. The education department has emphasized that the decision is purely administrative and not political in nature.
Despite the change, the NMMC has instructed all schools to ensure that Republic Day celebrations are conducted with full enthusiasm, discipline and respect for national values. Principals have been asked to strictly adhere to the guidelines and ensure smooth conduct of the programme.
The decision has drawn attention as it comes soon after the municipal elections, highlighting the impact of procedural delays on official civic events.
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1111-Feet Tricolor Yatra Fills Navi Mumbai with Patriotic Zeal
ABVP initiative sees thousands of students participate spontaneously ahead of Republic Day.
The Initiative
Patriotic fervour gripped Navi Mumbai as the Akhil Bharatiya Vidyarthi Parishad (ABVP) organised a massive 1,111-feet-long Tricolor Yatra, witnessing spontaneous participation from thousands of students and citizens on the eve of Republic Day.
The yatra was held as part of Youth Week celebrations and to mark the birth anniversary of Netaji Subhas Chandra Bose, with the objective of inspiring nationalism, unity and social responsibility among the youth. Students marched proudly while holding the enormous national flag, raising slogans such as “Bharat Mata Ki Jai,” “Vande Mataram” and “Jai Hind,” creating an atmosphere charged with patriotic emotion.
The rally began at Blue Diamond Chowk, Vashi, and culminated at Rajiv Gandhi College of Arts, Commerce and Science, Sector 10A, where a short programme was organised. Speakers highlighted the role of students in nation-building and appealed to the youth to actively contribute to society beyond academics.
Prominent attendees included ABVP state minister Rahul Rajoria, sports coordinator Arpita Malik, and college principal Dr Basukinath Pandey, who praised the enthusiasm and discipline shown by the participants. They urged students to uphold constitutional values and remain socially responsible citizens.
The event’s smooth execution was attributed to the efforts of Dr Akshay Shet and more than 100 volunteers. Participants and local residents said the Tricolor Yatra strengthened the sense of unity and national pride, making it a memorable and inspiring pre-Republic Day event for Navi Mumbai.
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Garbage Piles Become Major Issue Ahead of Uran Elections
With the Uran civic elections approaching, local residents and political observers are raising serious concerns about the persistent garbage problem across the area. Overflowing waste on main roads and traffic lanes has emerged as a key issue in the election campaign, with voters expressing frustration over poor civic management.
Several key thoroughfares in Uran, especially around busy intersections and residential localities, have been seen strewn with garbage that has not been collected for days. Piles of waste are causing traffic disruptions, foul odour and unhygienic conditions, prompting complaints from commuters, shopkeepers and local residents.
Civic activists and opposition leaders have criticised the local administration for its failure to ensure regular garbage collection and proper waste disposal. They say that poor sanitation has not only affected the appearance of the town but also posed health risks, especially during peak summer months.
Residents pointed out that despite repeated assurances from officials, garbage is frequently left uncollected in several areas, leading to water logging and breeding of insects. Many voters have highlighted this issue as a priority concern affecting their daily lives and have demanded immediate action from authorities.
Political parties contesting the Uran elections have responded by promising stricter monitoring of waste collection, improvement in street cleaning, and deployment of more resources for solid waste management.
As election day approaches, garbage disposal and civic cleanliness have become central themes in public discussions, reflecting growing citizen demand for improved basic services and accountable governance.
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