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 ______.
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).
The preparation of a trial balance is for:
Which of the Uniform Customs & Practice for Documentary Credits (UCP) rules issued by ICC, are currently in effect?
What is the investment limit for Foreign Portfolio Investors (FPI) in government securities (Gsecs) as announced by the RBI for the fiscal year 2024-25?
The balances with bank will be categorized in which time bucket in the ALM statement?
Which Russian bank has provided the facility for individuals to now open accounts in Indian rupees, expanding the range of foreign currencies available ...
Consider the following with reference to the International Swaps and Derivatives Association (ISDA).
1) The ISDA is a trade association for the o...
With reference to the Indian Railways (IR), consider the following statements:
1) Indian Railways (IR) is the fourth largest network in the world...
TULIP is a platform to provide internships to students and graduates in ULBs, Smart Cities, etc. What does the “I” stand for in TULIP?
According to the data provided by the government, India's economy grew at ______ year-on-year (YoY) in the January to March quarter (Q4) of the financia...
All the following items are classified as fundamental accounting assumptions except?