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The Reserve Bank of India (RBI) on Thursday launched a portal to combat illegal collection of money by businesses.
This website will allow the public to get information on entities that accept deposits, file complaints and also share information regarding illegal acceptance of deposits, said RBI Governor Raghuram Rajan at the launch of “Bag” here.
“Initiating prompt follow-up and bringing cases to a logical conclusion by punishing the culprits is paramount in deterring future entities from carrying out illegal activities. their hard earned money with real companies by giving them timely information about them, â€Rajan said.
The website would also help improve coordination between regulatory bodies and state government agencies.
Explaining the features of the website, said Deputy Governor SS Mundra, people can file and track a complaint on this website if a company has illegally accepted money from it or has defaulted in repaying deposits. .
People can also share information regarding such an entity on this portal, Mundra said.
The website also incorporates the regulations prescribed by all financial regulators that one must follow.
‘Sachet’ also has a section for closed user groups for the State Level Coordinating Committee (SLCC) in which they could share market information and other information about their activities as well as the agenda and minutes of meetings across the country in real time.
All states have SLCCs comprising various regulators including RBI, Securities and Exchange Board of India (Sebi), National Housing Bank (NHB), Insurance Regulatory and Development Authority (IRDA), Registrar of Companies (ROC) and relevant government departments , such as home, finance, law, and various law enforcement agencies.
Mundra hopes the website acts as a “force multiplier” and goes a long way in making SLCCs more effective in stemming the threat of unauthorized fundraising activities.
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