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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 Mumbaicha Raja Promotes Drug-Free Living
Ganesh mandal uses Ganeshotsav to spread awareness against addiction.
The Awareness
The Shivchhaya Mitra Mandal, popularly known as Navi Mumbaicha Raja, is using this year’s Ganeshotsav to promote a drug-free and healthy lifestyle. The mandal’s 56th Ganeshotsav is being organised at the CIDCO ground near ICL School in Sector 21, Turbhe. The celebrations began on September 14.
A major focus of this year’s festival is an anti-addiction campaign carrying the message “Say No to Drugs”. Through posters, banners and cut-outs, the mandal will create awareness about the harmful effects of alcohol, tobacco, gutkha, drugs, gambling and other addictive habits. The campaign promotes the message that a moment of pleasure can lead to lifelong problems, while staying away from addiction can lead to a happier life.
The festival will also include bhajans, spiritual programmes, blood donation and health camps, Annadan, Atharvashirsh recitation, Satyanarayan Mahapuja and felicitation of achievers. The mandal is also supporting tribal students from Wada and Mokhada in pursuing higher education after Classes 10 and 12.
Around 8 to 10 lakh devotees are expected to visit the pandal during the 12-day festival. A Satyanarayan Katha and Bhandara will be organised on September 24, with food arrangements for around 10,000 devotees.
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NMMC Sets Up 170 Artificial Immersion Ponds Across Navi Mumbai
Civic body prepares 192 immersion sites to support a smooth and eco-friendly Ganeshotsav.
The Ponds
The Navi Mumbai Municipal Corporation (NMMC) has made arrangements for the smooth and eco-friendly celebration of Ganeshotsav 2026, which will be held from September 14 to 25. To reduce crowding and help prevent water pollution, the civic body has set up 170 artificial immersion ponds across the city, along with 22 natural immersion sites.
More than 140 Ganesh mandals have applied online for permission to install pandals. The NMMC has introduced a single-window system to make the approval process easier by bringing permissions from different departments together. Across all 192 immersion sites, arrangements have been made for volunteers, CCTV surveillance, electricity and generators. Medical teams will be deployed at 22 major immersion sites, while lifeguards and fire brigade personnel will also be available.
The civic body has arranged rafts at natural immersion sites and separate facilities for wet and dry nirmalya. Dedicated vehicles will collect floral waste and transport it to the processing facility in Turbhe. Road repairs and tree pruning along idol arrival and immersion routes have also been completed.
The NMMC has appealed to citizens to use artificial immersion ponds and celebrate Ganeshotsav in an eco-friendly manner, helping protect the city’s water bodies.
Latest News
Navi Mumbai Launches Angan Adoption Scheme to Keep Public Spaces Clean
Initiative encourages residents, institutions and businesses to take responsibility for spaces around their premises.
The Launch
The Navi Mumbai Municipal Corporation (NMMC) has launched the Angan Adoption Scheme 2026 under the Sugandhi City Campaign, encouraging citizens to take responsibility for the cleanliness and upkeep of public spaces near their homes, shops and institutions.
The initiative was inaugurated by Maharashtra Forest Minister and Palghar Guardian Minister Ganesh Naik. During the programme, appreciation certificates were presented to individuals who had already come forward to adopt public spaces. A web portal for the campaign was also launched, along with a booklet explaining its objectives.
Mayor Sujata Patil, Deputy Mayor Dashrath Bhagat, former MP Sanjeev Naik, former MLA Sandeep Naik, House Leader Sagar Naik and other elected representatives and citizens attended the event. Addressing the gathering, Ganesh Naik said the initiative could help Navi Mumbai move towards becoming the cleanest city in the country. He stressed that cleanliness should not be limited to appearances, but should involve genuine public participation.
Deputy Mayor Dashrath Bhagat explained that the scheme focuses on three key elements—places, spaces and people. Residents, schools, colleges, hospitals, factories, shops and other institutions can adopt even small areas outside their premises, keep them clean and prevent garbage from being dumped there. The campaign promotes the message, “My courtyard, my responsibility,” and aims to turn cleanliness into a shared responsibility among Navi Mumbai’s citizens.
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