Mumbai, Aug 5 (KNN) ‘Sachet’ would help members of public in depositing their hard earned money with genuine entities by giving them timely information about these entities, said RBI Governor Dr Raghuram Rajan while launching the website.

‘Sachet’ (सचेत) is a website from which the 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.

“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,” Dr Rajan said.

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 Governor also acknowledged the role of U. K. Sinha, Chairman, SEBI and State Chief Secretaries in revitalising SLCCs.

The URL of the website is www.sachet.rbi.org.in

Explaining the features of the website, Deputy Governor S. S. Mundra said, members of the public can on the website check whether or not a particular entity seeking to accept public deposits is registered with any regulator and whether the entity is permitted to accept deposits.

The website also incorporates regulations prescribed by all financial regulators that different entities have to follow. Further, 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.

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 that it would play a useful role in adding preventive and educative elements to fight against unscrupulous entities accepting public deposits. (KNN Bureau)