The Reserve Bank of India 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 today. 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. The financial status of West Bengal has marginally improved said Mr. Rajan in reply to a questions by media persons. Mr. Rajan yesterday met the State Finance Minister, Mr. Amit Mitra and endorsed the laters advice to curb loan amount from the market. Otherwise, the government has to enhance revenue collection from the State by itself.