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Consumer complaints about banking services jumped 57 per cent to 3.08 lakh for the year to June 30, 2020, the Reserve Bank said on Monday. In its annual report on Ombudsman Schemes, the central bank said over a fifth of the complaints were about services at ATMs or with debit cards, followed by mobile or electronic banking at 13.38 per cent. Non-observance of Fair Practices Code (FPC) was at third place. Complaints received regarding credit cards, failure to meet commitments, levy of charges without notice, loans and advances and non-adherence to the Banking Codes and Standards Board of India (BCSBI) norms increased this year as compared to previous year. ....
India Business News: In its annual report on Ombudsman Schemes, the central bank said over a fifth of the complaints were about services at ATMs or with debit cards, follo ....
RBI unveils stricter norms for banks to bolster grievance redress mechanism The new framework mandates banks to have enhanced disclosures on complaints. Also, it talks about recovery of the cost of redress of maintainable complaints from the banks against whom the number of complaints received in the Offices of Banking Ombudsman (OBOs) are in excess of their peer group averages. January 28, 2021 / 12:17 AM IST The Reserve Bank of India (RBI) on Wednesday announced a comprehensive framework aimed at strengthening the grievance redress mechanism in banks and nudge lenders address the customer complaints in a time bound manner. The central bank’s action follows an increase in customer complaints in the banking industry in the recent years. ....