RBI Launches Website To Curb Illegal Collection Of Deposits

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The Reserve Bank of India on Thursday launched new website called 'Sachet' which will help customers obtain information about entities that are allowed to accept deposits, lodge complaints.

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 Launches Website To Curb Illegal Collection Of 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 Rajan said.

Explaining the features of the website, Deputy Governor Shri 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.


Read more about: rbi, sachet, banking
Story first published: Friday, August 5, 2016, 10:34 [IST]
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