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Banking and Financial Awareness September 2018: 2nd week

Published on Monday, September 10, 2018
Banking and Financial Awareness September 2018: 2nd week

RBI implemented the ‘Internal Ombudsman Scheme, 2018’

  • Scheduled commercial banks (except Regional rural banks) with more than 10 branches to appoint an internal ombudsman (IO), directed by Reserve Bank of India.
  • Ombudsman – 
    • A person officially charged with investigating and addressing public complaints or violation of rights. 
    • Banks in India had an internal ombudsman but they were mostly appointed from within bank staff and did not have statutory powers.
    • Under section 35 A of the Banking Regulation Act, 1949, RBI gives ombudsman statutory powers. 
  • The internal ombudsman scheme is for strengthening the internal grievance of banks and ensuring that the complaints of the customers are redressed.
  • This scheme will be monitored by the bank’s internal audit mechanism apart from regulatory oversight by RBI.
  • Tenure of the IO cannot be more than five years and it is not open to reappointment.
  • Reserve Bank of India
    • Headquarters: Mumbai
    • Governor: Urjit Patel

NABARD has sanctioned Rs 335 crore under the Rural Infrastructure Development Fund (RIDF) to West Bengal

  • Fund was allotted in August 2018, and will be used for 158 minor irrigation projects and 23 flood protection projects.
  • Minor irrigation projects will benefit 20,506 hectares, with 3.09 lakh population in 699 villages of 22 districts.
  • Cumulative RIDF loan assistance to West Bengal government in 2018 amounts to Rs 1,172.16 crore.
  • National Bank for Agriculture and Rural Development (NABARD)
    • Founded: 12 July 1982
    • Headquarters: Mumbai
    • Agency executive: Harsh Kumar Bhanwala (Chairman)

SBI launched its e-facilitation facility for army veterans in Bengal

  • Key features:
    • Facilitating the process of resolution of pension cases.
    • Fast-tracking pension issues for pension-related grievance of veterans/ veer naris/ next of kin.
    • Caters cash drawal and automated passbook updation.
  • State Bank of India
    • Chairperson: Rajnish Kumar
    • Headquarters: Mumbai
    • Founded: 1 July 1955

The Asian Development Bank (ADB) launched its first Trade Finance Scorecard

  • For addressing market gaps stemming from the unintended consequences of global measures to fight money-laundering and terrorism.
  • Also this will open a channel of dialogue among stakeholders to help prevent crime and terrorism while financing growth and job creation.
  • Scores are assigned on two levels
    • A macro level - to identify characteristics of effective regulation that could be strengthened
    • A micro transactional level - to highlight specific challenges that can be addressed in the shorter term. 
  • Focuses on
    • Issues related to the interpretation, 
    • Implementation, 
    • Compliance with regulations designed
  • Asian Development Bank (ADB)
    • Headquarters: Mandaluyong, Philippines
    • President: Takehiko Nakao
    • Founded: 19 December 1966
    • Membership: 67 countries

Government doubles monetary limit for filing cases in Debt Recovery Tribunals (DRT) to 20 lakh rupees

  • Bank or financial institution or a consortium of banks or financial institutions cannot approach, if the amount due is less than Rs. 20 lakhs.
  • This is for reducing pendency of cases in DRTs. There are 39 DRTs in India.

Airtel Payments Bank offers card-less cash withdrawal facility at select ATMs

  • Airtel has partnered with Empays for this, to enable Instant Money Transfer (IMT) for its account holders.
  • At present the facility is available for Airtel Payments Bank account holders at over 20,000 IMT-enabled ATMs in India and will cover more than 100,000 ATMs.
  • Instant Money Transfer (IMT) service can be accessed by account holders via USSD (*400#) and MyAirtel app.
  • The first two self-withdrawal transactions will be free, but after that a transaction fee of Rs. 25 will be charged.
  • Airtel Payments Bank
    • CEO: Anubrata Biswas 
    • Founded: 2016
    • Headquarters: New Delhi India
    • Parent: Bharti Airtel Limited
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