Coordination Committee Convened by RBI.

    Publish Date: August 24, 2023

    Leh, 23 August: Advisor to the Lieutenant Governor of UT of Ladakh, Dr. Pawan Kotwal, presided over the 2nd meeting of the Union Territory Level Coordination Committee (UTLCC). The meeting was convened by Shri Kamal P Patnaik, Regional Director of RBI for Jammu & Kashmir and Ladakh.
    During the meeting, Shri Patnaik extended a warm welcome to Advisor Kotwal and highlighted potential fraud risks posed by unauthorized digital entities. He emphasized the importance of a robust grievance redressal mechanism to protect the public from such fraudulent activities.
    Advisor Kotwal praised RBI’s efforts in fostering financial awareness and stressed the need for collaboration between the UT Administration and financial sector regulators to raise public awareness and counteract these frauds effectively.
    The meeting addressed key agendas including the implementation of the Banning of Unregulated Deposits Schemes (BUDS Act) to combat financial fraud related to unregulated deposits, enhancing awareness among stakeholders, and the formation of a sub-committee within UTLCC. RBI and SEBI presented case studies showcasing prevalent financial frauds in the country. A video demonstration of the Sachet Portal was also shared during the session.
    The meeting witnessed the participation of prominent officials, including Dr. S.D Singh Jamwal ADGP, Ladakh; Amit Pradhan, Regional Director, SEBI, NRO; Shri K. Mehboob Ali Khan, Commissioner Secretary/ Competent Authority, BUDS Act; Neeraj Kumar, General Manager, RBI; Moses Kunzang, Additional Registrar Cooperatives; Dr. Safdar Ali, Additional Secretary, Finance Department and representatives from UT administration, RBI, and SEBI. Additionally, Hamid Bukhari, Registrar of Companies, J&K and Ladakh and an official from ICAI participated through Video Conferencing.