The Reserve Bank of India on August 5, 2016 launched a website called “Sachet”. The website will help people obtain information about entities allowed to collect deposits, lodge complaints and also share information regarding illegal acceptance of deposits by unscrupulous entities. The government has taken this step to curb illegal and unauthorised pooling of funds by dishonest firms.
The Sachet website also has a section for closed user groups for State Level Coordination Committee (SLCCs). The aim of this is to share market intelligence and other information about their activities as well as agenda and minutes of meetings across the country on a real time basis.
Key features of the portal
Deputy Governor of the RBI S.S. Mundra believes that the Sachet website will act as a “force multiplier”. He has also expressed a hope that it will go a long way in making the SLCCs more effective in curbing the menace of unauthorised money raising activities.
RBI Governor Raghuram Rajan has said Sachet can help regulators in curbing this menace. He has said the website will provide timely information about genuine companies, and the public will be able to use this to deposit their hard earned money with them.
What are SLCCs?
All states have State Level Coordination Committees (SLCCs). These SLCCs comprise various regulators, including the RBI, 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.
Click here to access the website.