The Reserve Bank of India, today, released the Annual Report of the Banking Ombudsman Scheme for the year 2010-2011. The Banking Ombudsman Scheme was instituted by the Reserve Bank in 1995 to provide speedy solutions to the grievances of bank customers. There are 15 Offices of Banking Ombudsmen across the country. The report is a synopsis of activities of all the offices of Banking Ombudsman. The report indicates that compared to last year there was decline of 10 per

1. Indian Banks’ Association (IBA) will standardise most important terms and conditions (MITC) for at least ten important banking transactions and circulate among banks for adaptation. 2. Banks would initiate the process of providing one view of all bank accounts of a customer including deposits, loans, etc., with the help of available technology, such as, core banking solution. Banks would be complete the process within one year. 3. Banks would convey to the Reserve

The Reserve Bank of India, today, released the Annual Report of the Banking Ombudsman Scheme for the year 2009-2010. The Banking Ombudsman Scheme was established by the Reserve Bank in 1995 to provide speedy solutions to the grievances faced by bank customers. The Report indicates an increase in customers’ awareness of the Scheme resulting in an increase in the absolute number of complaints received in BO Offices. What more, the number of complaints from rural areas a

Photograph Mandatory doubling of the limit for collateral free loans to micro and small enterprises (MSEs) sector to Rs.10 lakh from the present Rs. 5 lakh, increase in the extent of guarantee cover, absorption of guarantee fees for the collateral free loans by CGTMSE subject to certain conditions, lower guarantee fees for women entrepreneurs and enterprises in the North-East, simplification of procedure for filing claims with CGTMSE and increasing awareness about the

The Reserve Bank of India has proactively started issuing general directions to all banks so as to protect the bank customers against banks’ act of commissions and omissions. Called ‘class action,’ such general directions are issued by the regulator in cases that could benefit not only the applicant but all those customers similarly placed without their having to approach their respective banks/ the Reserve Bank. The Reserve Bank has already initiated such class actio

A Reserve Bank of India Working Group has recommended the following new entities for appointment of Business Correspondents (BCs) for banks in rural and semi-urban areas: i) Individual kirana/medical/fair price shop owners ii) Individual Public Call Office (PCO) operators iii) Agents of Small Savings Schemes of Government of India/Insurance Companies iv) Individuals who own petrol pumps v) Retired teachers vi) Authorised functionaries of well run Self Help Groups (SHG

The Reserve Bank of India has widened the scope of its Banking Ombudsman Scheme 2006, to include deficiencies arising out of internet banking. Under the amended Scheme, a customer would also be able to lodge a complaint against the bank for its non-adherence to the provisions of the fair practices code for lenders or the Code of Bank's Commitment to Customers issued by the Banking Codes and Standards Board of India (BCSBI). The BCSBI is an independent and autonomous w

The Reserve Bank of India today published the Annual Report on the functioning of the Banking Ombudsman Scheme for the period 2007-08. According to the Report, during the year 2007-08, the Banking Ombudsmen received 47,887 complaints, up from 38,638 complaints received in 2006-07. The Reserve Bank of India introduced the Banking Ombudsman Scheme in June 1995 to provide low cost and effective forum for redressal of customer grievances against banks. The Scheme was firs

The Reserve Bank of India has today placed on its website for public comments, reports of three Working Groups. These are : (i) Defraying Costs of ICT Solutions for Regional Rural Banks (RRBs); (ii) Technology Upgradation of Regional Rural Banks; and (iii) IT support for Urban Co-operative Banks. The setting up of the Working Groups was announced in the Mid-Term Review of the Annual Policy for 2007-08. The Working Group on Defraying Costs of ICT Solutions for Regional

The Reserve Bank of India today placed on its website, the Report of an Internal Working Group set up to examine and to suggest a way forward to implement the recommendations of the Report on "Conditions of Work and Promotion of Livelihoods in the Unorganised Sector" of the National Commission for Enterprises in the Unorganised Sector. The National Commission was constituted by the Government of India under the Chairmanship of Dr. Arjun K. Sengupta. The National Commi