Covid-19 brings about behavioural change in cash usage, say experts
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Covid-19 brings about behavioural change in cash usage, say experts
PTI / May 16, 2021, 16:15 IST
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People wait to withdraw cash from ATM
NEW DELHI: The COVID-19 pandemic has brought about a behavioural change in usage of cash with people withdrawing larger amounts from ATMs but preferring to make digital modes to make payments, said experts.
The ferocity of the second wave of the coronavirus pandemic has scared people, forcing them to withdraw larger amounts from the ATMs with a view to avoid frequent visits. The money thus withdrawn is mostly held for emergency use and often payments are being made through UPI and other digital modes.
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‘One Nation One Ombudsman’ approach for grievance redressal
February 05, 2021
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The Reserve Bank of India, on Friday, proposed the ‘One Nation One Ombudsman’ approach for grievance redressal, in a move aimed at enhancing consumer protection.
“To make the alternate dispute redress mechanism simpler and more responsive to the customers of regulated entities, it has been decided to implement, inter alia, integration of the three ombudsman schemes and adoption of the ‘One Nation One Ombudsman’ approach for grievance redressal,” said the Statement on Developmental and Regulatory Policies.
This is intended to make the process of redress of grievances easier by enabling the customers of the banks, NBFCs and non-bank issuers of PPIs to register their complaints under the integrated scheme, with one centralised reference point, it said.