Leh, July 01: Dr Pawan Kotwal, Advisor to the Lieutenant Governor of Ladakh on Monday highlighted the critical need for robust security measures to protect financial assets in the Union Territory of Ladakh, even as he called for effective awareness to protect the public from fraudulent activities including unauthorized digital lending apps and various Chit Fund scams.
He made these remark while chairing two crucial meetings here.
At the 4th meeting of the Union Territory Level Security Committee (UTLSC) for Ladakh, Chandrashekhar Azad, Regional Director of the Reserve Bank of India (RBI) for Jammu & Kashmir and Ladakh, brought together key stakeholders from governmental, law enforcement, and financial sectors to address pressing security concerns and operational challenges faced by Ladakh’s financial infrastructure besides it focused on bolstering security measures across financial institutions in the region.
Dr Kotwal opened the discussions by stressing the importance of safeguarding treasury assets, ensuring the security of bank branches, and protecting ATMs across the region. He assured that both governmental authorities and the police force are committed to providing comprehensive support to enhance these security measures. “Our priority is to ensure that all financial institutions in Ladakh operate in a safe and secure environment,” Dr. Kotwal said. “We are committed to addressing any vulnerabilities and reinforcing our security frameworks to protect these vital assets.”
Regional Director Chandrashekhar Azad, representing the Reserve Bank of India (RBI), also addressed the meeting, emphasizing the RBI’s dedication to the Clean Note Policy. Azad reiterated the central bank’s obligation to ensure that clean, unsoiled currency is delivered to even the most remote areas of Ladakh in a timely manner. “The Clean Note Policy is crucial for maintaining the integrity of our currency system,” Azad stated. “We are focused on ensuring that clean and fit currency reaches every corner of Ladakh, ensuring that residents and businesses alike have access to high-quality currency.”
Key attendees included Dr. S.D. Singh Jamwal, ADGP for Ladakh, Prabhat Ranjan, IPS (Retd), Security Advisor to RBI, and G.J. Raju, General Manager of DCM at RBI, alongside senior officials from government departments, banks, and RBI Jammu.
The meeting concluded with a consensus on prioritizing coordinated efforts between law enforcement agencies, governmental bodies, and RBI to fortify security frameworks across financial sectors in Ladakh.
Kotwal, who is the Chairman of the Union Territory level Coordination Committee, also presided over the 3rd meeting of the Union Territory Level Coordination Committee (UTLCC) at the Civil Secretariat Leh.
The meeting was convened by Chandrashekhar Azad, Regional Director for the UT of J&K and Ladakh, Reserve Bank of India (RBI). While extending his welcome to Advisor Ladakh, he threw light on the potential fraud risks posed by unauthorized entities. He highlighted the rising frauds through unauthorized digital lending apps.
The Advisor emphasised that effective awareness should be raised to protect the public from such fraudulent activities.
The chairman praises the collaborative endeavours of RBI for creating effective financial awareness and called upon collaboration between the UT Administration and financial sector regulators to raise public awareness to sabotage the ill designs of fraudsters and protect the public from these frauds.
During the meeting, discussions and deliberations were held on growing frauds in the financial sector, and various counter measures to mitigate them.
RBI and SEBI presented detailed case studies showcasing prevalent financial frauds such as digital arrests wherein fraudsters impersonate law enforcement officials, Various Chit Fund Scams after luring the public on the pretext of hefty returns for investing money and gold with them, etc.
The meeting was attended by ADGP, UT of Ladakh; Ram Sarup, Deputy General Manager, RBI, Jammu; B.K Gupta Deputy General SEBI, New Delhi; Dr. Safdar Ali, Additional Secretary, Finance Department among other officials.
