Mumbai: 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 through the website launched by Reserve Bank on Thursday. RBI governor Raghuram Rajan who launched the new website ‘Sachet’ www.sachet.rbi.org.in said it 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.
Dr Rajan called for vigilance, both by the general public, as well as by the regulators, state level government functionaries and enforcement agencies to weed out “fly-by-night operators”. Referring to the ponzi schemes where people have lost thousands of crores, he said fly-by-night operators lured people by promising very high interest rates, particularly to those who don’t have access to the banking system.
Dr Rajan stressed the importance of early identification of illegal collection of deposits, so that enforcement agencies can quickly take action, and money is not lost or misused. Cases must be taken to their logical conclusion by punishing the guilty is paramount to deter entities in future from carrying out unlawful activity. The website is a two-way process where the public can file and track a complaint on this website if any entity has illegally accepted money from them and/or defaulted in repayment of deposits.
They can also share information regarding any such entity on this portal. Explaining the features of the website, deputy governor S. S. Mundra said, “The website also incorporates regulations prescribed by all financial regulators that different entities have to follow.”
