Question: Which of the following Institution has launched a website from which the members of public are allowed to accept deposits, lodge complaints and also share information regarding illegal acceptance of deposits by unscrupulous entities?
(a) Reserve Bank of India
(b) State Bank of India
(c) SEBI
(d) Insurance Regulatory and Development Authority
Ans: (a)
Related facts:
- On 4 August 2016 Reserve Bank of India has launched- ‘Sachet’ (सचेत) 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.
- 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 URL of the website is www.sachet.rbi.org.in
- 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.
- 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
- All States/Union Territories have State Level Coordination Committees (SLCCs). SLCCs comprise various regulators, namely, 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 Department, Finance Department, Law Department 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 (UTs) with participation of senior level officials of the States and the regulators.
Reference:
https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=37689
http://sachet.rbi.org.in/Aboutus/AboutUs
http://www.uniindia.com/rbi-governor-launches-website-sachet-to-curb-illegal-collection-of-deposits/business-economy/news/579924.html