RBI Launches Web Portal ‘Sachet’ To Stop Illegal Collection Of Money By Unscrupulous Financial Firms
When it comes to financial and corporate frauds in India, the problem is information and awareness about the said company. If we track the modus operandi of companies like Sahara and Saradha, which took money from millions of daily wagers, middle class office employees and labourers, then we will discover that lack of information was the driving factor.
Understanding this gap of information, RBI Governor Raghuram Rajan has launched a new portal called ‘Sachet’ which will guide potential small investors and make them more aware, informed about the company in which they are going to invest.
Besides informing about the financial state of that company which is accepting funds from the public, Sachet will also help Govt. agencies to coordinate intelligence against such fraud companies, and create a comprehensive database of financial companies.
Rajan said, “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,”
What Can Sachet Do?
Investors can file complaints against any financial company for fraud or non fulfillment of promises and also can track the status of the complaints.
Besides, potential investors can check whether that company is actually registered with any regulator and Government agencies or not. And most importantly, whether that company is actually entitled to accept money or not.
RBI Deputy Governor S S Mundra said, “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.”
Interestingly, the portal also a live social media type section, wherein members of State Level Coordination Committee (SLCCs) can coordinate information, real-time market intelligence and their Minutes of Meeting with other members for tracking and examining financial firms all over the country.
SLCCs across various states comprises of 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.
There is a detailed FAQ section in the website, which answers most of the questions related with Sachet.