RBI launches portal to curb illegal money
The Reserve Bank of India (RBI) has launched a website (sachet.rbi.org.in) to curb illegal and unauthorised pooling of funds by unscrupulous firms.
The website was launched by RBI Governor Raghuram Rajan in Mumbai, Maharashtra. It will help people obtain information about entities allowed to collect deposits.
Key features of Portal
- Facilitate filing, tracking of complaints relating to illegal and unauthorised pooling of funds by unscrupulous firms
- Provide information about whether any particular entity is registered with any regulator or is permitted to accept deposits.
- Help to enhance coordination among regulators and state government agencies to curb instances of unauthorised acceptance of deposits by unscrupulous entities.
- Incorporates regulations prescribed by all financial regulators that different entities have to follow.
Categories: Banking Current Affairs 2017