RBI launches Sachet portal for information on unauthorised money pooling firms

05 Aug 2016

Reserve Bank of India (RBI) on Thursday launched a website, which will help people obtain information about entities allowed to collect deposits and thereby help curb illegal and unauthorised pooling of funds by unscrupulous firms.

The portal, called sachet.rbi.org.in  will facilitate filing and tracking of complaints, besides providing information about whether any particular entity is registered with any regulator or is permitted to accept deposits.

''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. 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 genuine entities by giving them timely information about these entities,'' Raghuram G Rajan, governor of the Reserve Bank of India, said while launching sachet.rbi.org.in.

Members of the 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.

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.

In this regard, the governor also acknowledged the role of Sebi chairman U K Sinha and state chief secretaries in revitalising state level coordination committees (SLCCs) to deal with unscrupulous money collecting agencies.

RBI deputy governor S S Mundra said the public could check the website if an entity seeking to accept deposits is registered with any regulator or if at all allowed to accept public money. It also incorporates regulations prescribed by all financial regulators that different entities have to follow.

"Members of 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," Mundra 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. Mundra hoped that the website will act as a ''force multiplier'' and go a long way in making the functioning of SLCCs more effective and curbing the menace of unauthorised money raising activities.

S Raman, whole time member of Sebi, said the website would play a useful role in adding preventive and educative elements to fight against unscrupulous entities accepting public deposits.

Other regulators, such as IRDA representatives of state governments participated in the launch event through video conference. Chief secretaries of states, who joined the launch through video conference, welcomed the step and said that it would play a useful role in ensuring inter-agency coordination.

All states and union territories have state level coordination committees (SLCCs), which have representation from the regulators, including Reserve Bank of India (RBI), Securities and Exchange Board of India (Sebi), National Housing Bank (NHB), Insurance Regulatory and Development Authority (IRDA), Registrar of Companies (RoC) and concerned state government departments, such as, home, finance, law and various police authorities.

SLCCs were reconstituted in 2014 in each state to monitor unauthorised collection of deposits and they meet more frequently under the chairmanship of chief secretaries/administrators of the concerned states/union territories with participation of senior level officials of the states and the regulators.