8th State Level Coordination Committee (SLCC) Meeting Conducted by RBI in Sikkim

The Reserve Bank of India (RBI) organized the 8th State Level Coordination Committee (SLCC) Meeting in Gangtok, Sikkim, on March 26, 2025. The meeting, chaired by Shri Ravindra Telang, Chief Secretary of Sikkim, was convened by Shri Thotngam Jamang, Regional Director of RBI, and attended by key officials from RBI, SEBI, and multiple state government departments. Discussions focused on implementing the Banning of Unregulated Deposit Schemes (BUDS) Act, tackling digital fraud, and enhancing financial literacy.

Key Highlights of the SLCC Meeting

Chairmanship & Attendees

• Chaired by Shri Ravindra Telang, Chief Secretary of Sikkim.
• Convened by Shri Thotngam Jamang, Regional Director of RBI.
• Participants included officials from RBI, SEBI, and key state departments (Law, Home, Finance, Cooperation, and Information & Public Relations).

Implementation of BUDS Act

• Discussion on implementing the Banning of Unregulated Deposit Schemes (BUDS) Act, 2019 in Sikkim.
• Focus on tackling financial fraud and unregulated deposit schemes.

Digital Financial Frauds & Prevention

• Review of financial fraud cases reported via Helpline 1930.
• RBI discussed digital fraud types and initiatives to prevent their spread.
• Emphasis on Sachet portal for reporting unregulated financial entities.

Market Intelligence & Stakeholder Collaboration

• Exchange of market intelligence between state and central authorities.
• Strengthening mechanisms to identify and curb fraudulent financial practices.

Investor Awareness & Financial Literacy Programs

• RBI and SEBI presented awareness programs on investor protection and customer grievance redressal.
• Focus on educating citizens about digital frauds and their financial rights.
• Chief Secretary commended RBI’s financial literacy initiatives and outreach programs.