The Reserve Bank of India, RBI, has set-up a committee to check the menace of Chit-fund and various financial irregularities in the country. This Committee will work in coordination with the State governments regularly. This was stated by the RBI Governor Mr. Raghuram Rajan in a press conference in Kolkata. Mr. Rajan said that a sub-committee has also been formed to take necessary action against the Chit-funds including Sardah Reality Estate. With a view to control the money scams, the newly formed Committee has been asked to organize meetings regularly and the banks have been alerted about any financial irregularities or lapses.