Mumbai : The Reserve Bank Governor Raghuram Rajan on Thursday said it is important to tackle illegal raising of deposits while the crime is in progress given the nimbleness of such “fly-by-night” operators. “We have to do this (tackle it) before the fly-by-night operator runs away with the money. We have to stop the crime in progress,” he said at an event. Underlining the challenges in fighting the menace, the outgoing Governor said some operators do not fall under the ambit of any regulator, are very small or operate from far-flung areas, making punitive action difficult. When the regulator do manage to move-in, they “morph” into such an entity, which is outside the purview of any regulator, he said, underscoring the need for coordination between financial regulators and law enforcement agencies.
Rajan said there have been favourable changes in laws like the Protection of Interest of Depositors Act, and there are forums like State Level Coordination Committee (SLCC), which help in fight against unauthorised deposit raising. With phishing mail menace continuing, Rajan said RBI does not send any such emails promising money to people. “I suggest all of us should ask, if they have got Rs 50 lakh to give me, Rajan said at the launch of a website to tackle illegal deposit collection. This website will enable public to obtain information regarding entities who accept deposits, lodge complaints and also share information regarding illegal acceptance of deposits, said Rajan while launching ‘Sachet’, reports agencies. companies by giving them timely information about them,” Rajan said.
