RBI Launches Portal to Curb Illegal Money [ Current News (Concise) - Policies & Governance ]
Reserve bank of India launches the portal to curb illegal and unauthorised pooling of funds by unscrupulous firms. This portal will help people to obtain information about entities allowed to collect deposits.
- RBI launching the portal sachet.Rbi.Org.
- This portal has a section for closed user group for State Level Coordination Committee (SLCCs).
- They share market intelligence and other information about their activities.
- They also provide agenda and minutes of meetings in the country on a real time basis.
- The deputy governor of RBI is S S Mundra.
Features of Portal:
- This portal will facilitate filing, tracking of complaints.
- It would help members of public in depositing their hard earned money with genuine entities.
- This portal taking cases to logical conclusion by punishing the guilty was paramount to prevent entities in future from carrying out unlawful activity.
- This website would help to improve coordination between regulators and state government agencies.
- It includes regulations approved by all financial regulators that different entities have to follow.
- It will be useful in controlling instances of unauthorised acceptance of deposits by corrupt entities.
- If an entity looking for to accept deposits is registered with any regulator or if at all allowed to accept public money.
- Published on: August 5, 2016