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) on August 23.

The meeting was convened by Kamal P Patnaik, Regional Director of RBI for Jammu & Kashmir and Ladakh.

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.