The Reserve Bank of India has advised all public sector banks and some private sector and foreign banks to appoint an internal ombudsman. The internal ombudsman would be designated Chief Customer Service Officer (CCSO), it has stated. The CCSO should not have worked in the bank in which he/she is appointed as CCSO. The Reserve Bank has taken this initiative to further boost the quality of customer service and to ensure that there is undivided attention to resolution o

The Reserve Bank of India has imposed monetary penalty on the following three banks for violation of Reserve Bank of India instructions, inter alia, on Know Your Customer (KYC)/ Anti Money Laundering (AML). The details of the penalty are: Sl. No. Name of the bank Penalty Amount (in ` mn) 1. Bank of Maharashtra 15 2. Dena Bank 15 3. Oriental Bank of Commerce 15 Eight other banks, namely, Central Bank of India, Bank of India, Punjab and Sind Bank, Punjab National Bank,

The Reserve Bank of India today signed the Currency Swap Agreement with the Central Bank of Sri Lanka. The Central Bank of Sri Lanka can make drawals of US Dollar or Euro in multiple tranches up to a maximum of US$ 400 million or its equivalent. This is expected to further economic co-operation between the two countries. The agreement is valid for a period of three years from the date of signing. It may be recalled that in May 2012, the Governor, Reserve Bank of India

The Reserve Bank of India released on its website today, the Guidelines on the Criteria for registering institutions, organisations and associations for grant of financial assistance from the Depositor Education and Awareness Fund (Fund). Key features Objectives and Scope of activities: To grant financial assistance to institutions/ organisations/ associations for taking up various activities relating to promoting bank depositors’ education and awareness. Eligible ent