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Business News/ Money / Personal-finance/  RBI has launched a website to warn and fight against ponzi schemes
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RBI has launched a website to warn and fight against ponzi schemes

The website has been launched to enable early identification of illegal collection of deposits

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On Thursday, 4 August 2016, the Reserve Bank of India (RBI) launched Sachet (www.sachet.rbi.org.in), a website from where anyone can get information about companies that are allowed to accept deposits. You will also be able to lodge complaints and share information about illegal acceptance of deposits by unscrupulous entities.

Sachet is an initiative by State Level Coordination Committee (SLCC), a joint forum formed in all states to facilitate information sharing among regulators such as Reserve Bank of India, Securities and Exchange Board of India, Insurance Regulatory and Development Authority of India, and Enforcement Directorate, to control incidents of unauthorised acceptance of deposits.

Many companies accept money under various ‘schemes’ by violating regulators’ directions. The website has been launched to enable early identification of illegal collection of deposits, which will, in turn, allow enforcement agencies to take swift action. It is an initiative to save the public from falling prey to illegal ponzi schemes.

Currently, the website is available in Hindi and English, but will soon be available in other regional languages.

On the website, you can lodge complaints and share information about illegal acceptance of deposits. You can also post alerts about entities soliciting deposits at high interest rates or dubious loans offered at low interest rates. This information would be shared with the regulator concerned or a law enforcement authority, which will then initiate necessary action as per their procedures.

You can also track the status of complaints. The website will be used to coordinate among regulators and state government agencies. At present, on the website, you can get information about the types of entities that can receive deposits. You can check whether a particular company that is accepting deposits is registered with any regulator and whether it is permitted to accept deposits. The website also provides details of regulations prescribed by all financial regulators.

There is also a section for closed user groups that the SLCCs can use. Here, they can share market intelligence and other information about their activities, including agenda and minutes of meetings, across the country on a real-time basis.

To file a complaint, if you know the regulator, you can click on the respective link. You then have to file a form and submit it. To track the complaint, search with your mobile phone number, complaint number or email ID. You can also alert the regulators by providing information on the website. For instance, if you know of a company that is offering unusual rates of interest, and is breaking rules, you can give the information.

—Vivina Vishwanathan

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Published: 08 Aug 2016, 12:26 AM IST
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