Internal Ombudsman (IO) scheme 2018 gives statutory powers to Internal Ombudsman
The Reserve Bank of India (RBI) has recently introduced Internal Ombudsman (IO) scheme 2018 to tighten internal grievance redressal system at Scheduled Commercial Banks (SCBs). In it, RBI has given statutory powers to Internal Ombudsman (IO) under section 35 A of the Banking Regulation Act, 1949. The central bank has tightened the selection and operating procedure for IO in banks and made it mandatory for lenders with more than 10 branches (excluding Regional Rural Banks) to have an independent authority to review complaints that were partially or wholly rejected by the respective banks. An ombudsman is a person officially charged with investigating and addressing public complaints or violation of rights. The tenure of the IO cannot be more than 5 years and it is not open to reappointment. An IO also cannot be removed without consent from the RBI. This new post will not report to the bank’s CEO but to the customer service committee of the bank.
T Rabi Sankar named RBI deputy governor
The Government of India recently appointed T Rabi Shankar as the fourth Deputy Governor. ContentsAbo...
RBI’s State of the Economy Report – Update (April, 2021)
The Reserve Bank of India recently released the State of Economy Report for the month of April 2021....
G-sec acquisition programme – G-SAP 1.0
The Reserve Bank of India recently announced a Government Security Acquisition Programme, GSAP 1.0. ...
What is RXIL?
RXIL is Receivables Exchange of India. Recently RXIL has become the first TReDS platform to cross mo...
RBI: RTGS could be Expanded Beyond India
Governor of Reserve Bank of India, Shaktikanta Das, while speaking at 7th edition of India Economic ...
Category: Government Schemes Current Affairs
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