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Crypto Is similar to a Ponzi Scheme: RBI Deputy

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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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Contaminated Tap Water Triggers Health Alarm in Uran Villages

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Monsoon runoff and untreated water supply leave local residents battling stomach infections and demanding clean drinking water.

Contaminated Water

A severe public health worry has gripped parts of Uran after residents received muddy, contaminated tap water, leading to a rise in waterborne illnesses across several local villages.

Following heavy monsoon rainfall, turbid water flowing from the Hetawane Dam made its way directly into household taps. The problem has particularly affected communities located between Jite and Gavan Phata. Because CIDCO’s primary water treatment facility is situated downstream at Gavan Phata, households upstream have been left receiving raw, unfiltered water.

Over the past few days, local clinics have reported a surge in cases of stomach cramps, vomiting, and diarrhea, leaving families anxious for their health especially young children and the elderly.

“We are forced to boil dirty water just to get through the day, but many are still falling sick,” expressed a concerned local resident. “Clean drinking water isn’t a luxury, it’s a basic necessity.”

Frustrated by the situation, community members and local leaders are urging CIDCO and municipal authorities to intervene immediately. They are demanding urgent water filtration solutions for all affected areas, pipeline inspections, and the distribution of safe drinking water tankers until regular, fully treated water supply is restored.

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NMMC Sets Firm Deadline to Wrap Up Civic Repairs Ahead of Ganeshotsav

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Navi Mumbai municipal committee orders fast-tracked pothole repairs, bright streetlights, and seamless immersion routes for devotees.

The Ganeshotsav

With Navi Mumbai gearing up to welcome Lord Ganesha, the Navi Mumbai Municipal Corporation (NMMC) Standing Committee has instructed all civic departments and contractors to finish key infrastructure and repair works well before the festival begins.

At a recent meeting, committee members emphasized that devotees and procession organizers should not face hurdles like broken roads, dark streets, or uncleared debris. Officials directed engineering teams to prioritize pothole filling, tree trimming around power lines, and surface leveling especially along designated Visarjan (immersion) routes across all nodes.

“Ganeshotsav is a time of deep joy and community togetherness,” noted civic representatives during the review. “Our priority is to ensure smooth, safe roads for processions and clean, well-lit spaces around pandals and artificial immersion ponds.”

Beyond road repairs, the NMMC is streamlining the approval process for Sarvajanik (public) Ganesh mandals, ensuring hassle-free access to electricity, clean water, and temporary toilet facilities. Contractors have been cautioned that delays or poor-quality repair work will draw strict penalties.

With local administration actively coordinating with police and mandal representatives, residents can look forward to a smooth, safe, and festive celebration across the city.

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Kopar Khairane Gets a Fragrant Green Boost with Surangi Plantation Drive

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Navi Mumbai municipal leaders join hands with local residents to nurture biodiversity and expand native green cover.

The Drive

In a heartwarming effort to breathe fresh life into urban spaces, local municipal leaders and residents gathered in Kopar Khairane for a special tree plantation drive focused on nurturing the native Surangi tree. Led by the Navi Mumbai Mayor alongside top officials from the Navi Mumbai Municipal Corporation (NMMC), the initiative highlighted a growing commitment to restoring the region’s ecological balance.

Under the bright morning sky, community members and civic workers worked side by side, planting dozens of young Surangi saplings across designated green zones and parkways. Known for its rich clusters of fragrant white flowers and dense, shady canopy, the Surangi tree is a natural favorite for local soil, requiring minimal artificial care once established while providing a thriving habitat for birds and local pollinators.

Addressing the gathered volunteers, civic leaders stressed that urban greenery is not just about aesthetics, but about building healthier, cooler neighborhoods for future generations. “Planting native trees like Surangi connects us back to our natural roots while directly improving air quality right where we live,” officials shared during the drive.

Beyond increasing total foliage, the event served as an inviting reminder of collective civic responsibility. Local families and young volunteers actively participated, taking turns watering the newly planted saplings and pledging to oversee their care as they grow. The NMMC plans to extend similar native-species plantation drives to other nodes across Navi Mumbai in the coming months.

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