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All Bank Branches To Be Covered Under Under Cheque Truncation System By September, Says RBI

All Bank Branches To Be Covered Under Cheque Truncation System By September, Says RBI The Reserve Bank of India (RBI) (PUNIT PARANJPE/AFP/Getty Images)  In a letter written to heads of the bank, the Chief General Manager (CGM) of the Reserve Bank of India, RBI, has asked them to implement image-based cheque truncation system (CTS) across all bank branches by September. This comes in accordance with the Statement on Development and Regulatory policy issued by RBI last month. Currently, 1,50,000 branches of all banks have implemented the CTS system since its inception in 2010. Till last September, all 1,219 pre-existing non-CTS clearing houses had successfully migrated to CTS system all over the country.

Single body for complaints against banks, NBFCs, pre-paid card issuers from June 2021

Synopsis Currently, there are separate ombudsmen for banks, non-banking finance companies and prepaid card issuers. The move is aimed at providing an efficient dispute resolution mechanism to the customers. In the Statement on Development and Regulatory policy issued today by the RBI Governor Shatikanta Das, it has been proposed to merge the three-separate ombudsman schemes for banks, NBFCs and non-bank prepaid instruments. As per the announcement, the Integrated Ombudsman Scheme will be rolled out in June, 2021. Currently, there are separate ombudsmen for banks, non-banking finance companies and prepaid card issuers. The move is aimed at providing an efficient dispute resolution mechanism to the customers.

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