Issues relating to unauthorised deposit acceptance and financial frauds were being handled by an existing State Level Coordination Committee (SLCC) mechanism in each state. The Committee provides a shared platform for the various regulators. In 2014, under the initiative of the Financial Stability and Development Council (FSDC) the SLCC mechanism was strengthened to improve surveillance and co-ordination among various regulators. Besides, the existing SLCC was also re-constituted as per the directions of the Department of Financial Services, Government of India.
As per the recommendations of the Sub - Committee of the Financial Stability and Development Council (FSDC) the State Level Coordination Committee (SLCC) in each state is now headed by the Chief Secretary of that state. The secretarial assistance to the SLCC is provided by the Reserve Bank with the Regional Director (RD), Reserve Bank of India as its convener. The other members of SLCC Karnataka are Additional CS (Home), Principal Secretary (Finance), Principal Secretary (Revenue), Principal Secretary (Law), Special Secretary (DPAL), RCS Karnataka, RoC Karnataka, DGP and IGP Karnataka, ADGP EOW Karnataka, CP Bengaluru, Chairman ICAI Karnataka, Regional Director SEBI, IRDA and NHB. The Committee meets once in three months.