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Awareness programs for the public
7 February 2020
Market Intelligence Unit of Department of Supervision (NBFCs), RBI Chennai organized an investor awareness programme at Coimbatore involving SEBI, EOW and local CEPC on February 21, 2020. Shri. Suvendu Pati, General Manager, Department of Supervision (NBFCs) welcomed the participants and explained that the effort was to reach out to the people at the grassroot level for wider dissemination of awareness against the unauthorised and illegal deposit schemes operated by unscrupulous entities. He highlighted that as most of the financial crimes in Tamil Nadu were emanating from Coimbatore, this was chosen as the location for the dedicated investor awareness programme. He cautioned public to be careful before investing their hard earned money and not to fall prey to pyramid schemes or schemes promising high returns. Manager, Market Intelligence Unit, DoS (NBFC) spoke about the pitfalls of investing in unauthorized schemes and stated that public could lodge complaints through the Bank’s “Sachet” portal regarding non-refund of money and for prompt reference to the authorities concerned. Specific case studies pertaining to recent frauds at Coimbatore were discussed. AGM, SEBI made a presentation on Collective Investment Schemes (CIS). Deputy Superintendent of Police, Economic Offences Wing Unit, Coimbatore, elaborated on the structure of EOW units across West zone of Tamil Nadu and informed the participants to invest only in RBI regulated Banks and NBFCs. Consumer Education and Protection Cell, Chennai RO also made a presentation on the grievance redressal mechanism available for public in respect of banks and NBFCs and cautioned them not to fall prey to Phishing Calls/SMS. Over hundred participants including traders and pensioners attended the programme. The programme was well received.