JAMMU: The 34th meeting of the Union Territory Level Coordination Committee (UTLCC), called by the Reserve Bank of India (RBI) to address concerns about unapproved deposits, fraudulent activity by unregulated entities, and the dissemination of market intelligence among stakeholders, was presided over by Chief Secretary Atal Dulloo today. The Chief Secretary urged the bank authorities to raise public awareness of potential avenues for financial theft at the meeting. He suggested that they publish dos and don’ts on a regular basis for the public to follow. He further advocated for outreach programmes to be held for SHG members and students so that every home in this area would know how to protect themselves from falling for these con artists.Dulloo also discussed action items during this meeting, such as the implementation of police sensitization programmes, initiatives to raise public awareness, and the status of ongoing fraud cases involving unauthorised deposits and digital lending. In order to protect public funds, he demanded more efficient action on these fronts as well as broader application of the 2019 Banning of Unregulated Deposit Schemes (BUDS) Act. Neeraj Kumar, the general manager of the Reserve Bank of India, discussed the different measures that may be implemented to combat the increase in fraudulent activity in the internet space and urged cooperation from all parties involved in order to reduce these frauds. The meeting also covered recent developments about frauds linked to loan applications and illegal deposits that have been recorded in Jammu and Kashmir.Senior representatives from the J&K government and police department attended the meeting, including A.K. Choudhary, Special DG of Crime; Santosh D. Vaidya, Principal Secretary, Home and Finance Departments; Nitish Kumar, ADGP, CID; Prasanna Ramaswamy G, Secretary, Revenue; Achal Sethi, Secretary of Law; Arun Kumar Manhas, Registrar of Societies; Joint Director, Information, Vevaik Puri; Haamid Bukhari, Registrar of Companies, Jammu; and Joint Registrar of Cooperative Societies, Rakesh Dubey. Attendees at the meeting included representatives from SEBI and RBI, both in person and via video conference.
