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Awareness on financial mgmt must: Chief Secy

Chief Secretary VC Pharka today stressed for timely and effective action against the entities engaged in unauthorised collection of funds or deposits from the public with fraudulent intentions.

He was presiding over a meeting of state-level coordination committee (SLCC) on non-banking financial companies of the state.He said that the RBI had started website ‘Sachet’ for handling fraudulent financial companies. The website would help enhance coordination among regulators and state government agencies and any person could lodge complaint, if a company tried to collect money illegally, he said.

The Chief Secretary said the website provides information regarding entities that accept deposits, lodge complaints and share information regarding illegal acceptance of deposits. The website also states regulations prescribed by all financial regulators.He said there was a need to raise mass awareness on financial management, adding that Community Policing Schemes were playing an important role in doing so.

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