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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).
Which country became the first to import 40 megawatts of electricity from Nepal via India's power grid, as part of a trilateral agreement in 2024?
The Paika Rebellion is associated with which of the following States?
Which of the following statements is true regarding the MEDITECH STACKATHON 2024 launched in New Delhi?
Who inaugurated the Global Conclave on Plastic Recycling and Sustainability (GCPRS)?
The Union Cabinet approved an equity infusion of ₹10,700 crore into the Food Corporation of India (FCI). What is the main purpose of this funding?
World Braille Day is celebrated on___?
What was the total investment allocated for semiconductor projects approved near Noida International Airport by the UP Cabinet?
The Indian Space Research Organisation (ISRO) and its commercial arm Antrix Corporation Ltd. are set to commercialize India’s regional navigation ...
Godrej Consumer Products Ltd (GCPL) has signed an agreement with the Tamil Nadu government to set up a fast-moving consumer goods (FMCG) manufacturing u...
Under the newly approved PM Vidyalaxmi scheme, what type of loans are provided to students in Quality Higher Education Institutions (QHEIs)?
