RBI launches website to curb illegal collection of deposits
Published
The Reserve Bank of India has launched a website named Sachet with an aim to curb illegal collection of deposits. According to RBI, Sachet is a website which the members of public would be able to obtain information regarding entities that are allowed to accept deposits, lodge complaints and also share information regarding illegal acceptance of deposits by unscrupulous entities. The website would also help enhance coordination among regulators and state government agencies and thus be useful in curbing instances of unauthorised acceptance of deposits by unscrupulous entities, RBI said. The website also has a section for closed user group for SLCCs on which they would be able to share market intelligence and other information relating to their activities, including agenda and minutes of their meetings, across the country on a real time basis. RBI governor Raghuram G. Rajan said initiating quick follow up and taking cases to logical conclusion by punishing the guilty is paramount to deter entities in future from carrying out unlawful activity. He said the website would help regulators in doing this as much as it would help members of public in depositing their hard earned money with genuine entities by giving them timely information about these entities. RBI deputy governor S. S. Mundra said the members of the public can on the website check whether or not a particular entity seeking to accept public deposits is registered with any regulator and whether the entity is permitted to accept deposits. They can file and track a complaint on this website if any entity has illegally accepted money from them or defaulted in repayment of deposits. They can also share information regarding any such entity on this portal. The website also incorporates regulations prescribed by all financial regulators that different entities have to follow, Mundra said.
