The RBI, in line with its efforts to curb illegal and unauthorised pooling of funds by unscrupulous firms, has launched a website – Sachet. The step aims at helping people get information about legalised entities, who are allowed to collect public deposits/ provide investment management services, entities barred from doing so, besides receiving on-the-ground information on illegal entities.
The other financial sector regulators who participated in the decision included the Securities and Exchange Board of India (SEBI), Insurance Regulatory and Development Authority of India, Pension Fund Regulatory and Development Authority, National Housing Bank, and Registrar of Companies
According to RBI Governor Raghuram Rajan, “initiating quick follow up and taking cases to a logical conclusion by punishing the guilty is paramount to deter entities in future from carrying out unlawful activity.”
The portal will further facilitate filing and tracking of complaints too. It will also help State government agencies and other regulators to enhance co-ordination among themselves.
The website features a section for a closed user group for State Level Coordination Committee (SLCCs) wherein they could share market intelligence and other information about their activities as well as agenda and minutes of meetings across the country on a real time basis. It also incorporates regulations prescribed by all financial regulators that different entities have to follow.
In past few months, a lot of initiatives has been taken by RBI to smoothen investments in the country and to support the startup and digital ecosystem of the country. This includes approval to buy mutual funds via e-wallets; Paytm, PayU India, Oxigen to function as consumer bill payment platform.guidelines to regulate P2P lending platforms; favouring towards easier exit policy for startups and more.