RBI deputy: talking with govt to amend law to regulate shadow banking

NEW DELHI (Reuters) - The Reserve Bank of India is in talks with the government to amend a law to regulate entities engaged in shadow banking, R. Gandhi, a deputy governor at the Reserve Bank of India, said on Thursday.

He added that there were entities that were "illegally" accepting deposits.

"In order to correct these and take action against such violations, we need a suitable amendment in statutory provisions," Gandhi said at a conference.

(Reporting by Manoj Kumar; Editing by Gopakumar Warrier)