Now, SMS the police to check authenticity of lending companies

The agency has launched an interactive SMS-based application that runs an instant background check on companies in which an individual is intent on investing. Once a potential investor sends an SMS in the prescribed format to the number, a SMS is relayed back to him with details of the company, informing the user on details such as criminal cases pending against the company with the EOW-II (if any), its registration status with the RBI and whether the firm is registered with the Registrar of Companies.

The agency in a release here said depositors keen on availing this facility could send an SMS to 7598765105 following the format: TNEOW * Company name * Place * Caller Name * Investment Amount * Rate of Interest * Date of Investment * Date of Maturity. Each category of input is to be separated using an asterisk. 

The first four sets of inputs are mandatory to process the information while the remaining four are optional. The agency said the service is now being introduced on a pilot basis. It would be made available during the working hours of EOW – 10 am to 6 pm on all working days. In the second phase, the service would be available round the clock with an enhanced graphical user interface.