What happened
Banks are using the SACHET portal and the State Level Coordination Committee (SLCC) to help citizens lodge complaints against entities that illegally collect or accept money as deposits. The Ministry of Finance presents these as public-facing channels for reporting unauthorised deposit activity.
Why this matters for UPSC
The issue fits squarely within financial regulation, consumer protection, and governance. It also links to the recurring UPSC theme of how regulators and coordinated enforcement mechanisms respond to scams, unauthorised deposit schemes, and weak financial awareness.
Background and earlier position
India has long faced problems from unauthorised deposit-taking and collective investment frauds. The regulatory response has depended on complaints, state-level coordination, and action by the Reserve Bank of India, state authorities, and other enforcement bodies rather than only on one institution acting alone.
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