RBI had launched Sachet Portal, a new website which will be helpful to curb illegal money collection by companies. RBI governor Raghuram Rajan has launched the website officially.Through this site, public can obtain all the information regarding the entities who accepts deposits.
They can also lodge complaints and share information regarding illegal acceptance of deposits, said Reserve Bank of India Governor Raghuram Rajan while launching the web portal.
“Initiating quick follow up and taking cases to a logical conclusion by punishing the guilty is paramount to deterring entities in future from carrying out unlawful activity. I hope ‘Sachet’ would help regulators in doing this as much as it would help members of public in depositing their hard earned money with legitimate companies by giving them timely information about them,” Rajan said.
The website will help in increasing the coordination between regulators and state government agencies. The site also provides regulations prescribed by all financial regulators for public.Deputy Governor S.S. Mundra said that “Members of the public can file and track a complaint on this website if any entity has illegally accepted money from them and defaulted in repayment of deposits. They can also share information regarding any such entity on this portal,”
The sachet portal has a section of a closed user group for State Level Coordination Committee (SLCCs) where they can share all the information related to share market intelligence and other information about their activities minutes of meetings etc. in real time.
SLCC’s include RBI, Securities and Exchange Board of India (Sebi), National Housing Bank (NHB), Insurance Regulatory and Development Authority (IRDA), Registrar of Companies (ROC), including state-level coordinating departments, like police, law, etc.
“I hope ‘Sachet’ (Hindi for alert) 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,” Rajan quoted that during the launch.
The brand new website sachet has been designed in a very appealing way using cartoons and slogans like
Joining money chain may put you in pain
Chit fund or cheat fund
Don’t be greedy; money doesn’t grow on trees
Along with the list of entities registered with various government financial regulators, it also provides a provision to file a complaint and know about the status of the complaint.