Dasgupta asks people not to put money in foreign Banks

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Kolkata, Oct 15 (UNI) As the global crash in stock market hit the investors, West Bengal Finance Minister Asim Dasgupta today created a stir when he asked the people not to keep money in any foreign Bank or Insurance company.

'' My advice to the people is that it is not safe to put in money in any foreign bank, foreign insurance company or in any financial institution having alliance with any foreign organisation, '' he told reporters at the state Secretariat.

Dr Dasgupta, who had made the same observation at a programme in North 24 Parganas district earlier in the day, said it was safe to keep money only in the nationalised Banks or in the state rural Banks or cooperatives.

Calling upon the Centre to ensure economic transparency in the financial institutions, the Minister also expressed his apprehension about investment in mutual funds. '' We have also said in the past that investment in the mutual funds must not be dependant on the speculative market. The Centre has a role to see it, '' he opined.

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