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To enhance the effectiveness of its grievance redressal systems, the Reserve Bank of India (RBI) has urged Credit Information Companies to designate an internal ombudsman (IO) by April 1, 2023. The Central Bank made the decision in August to include CICs in the scope of the RBI-Integrated Ombudsman Scheme 2021 in order to broaden its appeal. The RBI claimed that the action would give clients of regulated businesses a free alternative dispute resolution method for complaints regarding CICs. Only complaints that the CIC has already reviewed but rejected in whole or in part will be handled by the IO. Direct complaints from complainants or members of the public won't be handled by it. A Credit Information Company (CIC) is an organization which collects and analyses credit and loan related data about individuals and companies and generates its products and services on the basis of this data. This data is provided to CICs by their member banks and other financial institutions. Reserve Bank-Integrated Ombudsman Scheme (RB-IOS) A Scheme for resolving customer grievances in relation to services provided by entities regulated by Reserve Bank of India in an expeditious and cost-effective manner under Section 35A of the Banking Regulation Act, 1949 (10 of 1949), Section 45L of the Reserve Bank of India Act, 1934 (2 of 1934) and Section 18 of the Payment and Settlement Systems Act, 2007 (51 of 2007).
How many tribal students annually are targeted to benefit from the Shahid Madho Singh Haath Kharcha Yojana in Odisha?
According to the "Annual Groundwater Quality Report 2024," what was the total annual groundwater recharge in 2024?
Under which scheme are 3 crore additional rural and urban houses being provided to boost 'Ease of Living' and dignity for crores of Indians?
What milestone did India achieve in 2024 regarding remittances, as per the World Bank?
The new Nifty India Municipal Bond Index _____ municipal bonds issued by 10 issuers all having credit rating in the AA category.
Which Indian bank partnered with NHPC Renewable Energy Limited to solarize government buildings?
What is the government’s target for the number of GI tags by 2030?
Which international body will India chair for the first time in 2024-25?
Which of the following statements is/are correct regarding India's retail digital payment and e-commerce market?
1. India's retail digital pay...
What is the key objective of the "BhashaNet" initiative launched by the Indian government?