RESERVE BANK OMBUDSMAN
Allahabad Bank to pay customer Rs 46,000 lost in unauthorised debits from account; RBI rules on customer liability for unauthorised transactions
How to report unauthorized transaction in savings account: As per the guidelines set by the Reserve Bank of India (RBI), customers will bear limited responsibility in case unauthorized electronic transactions result in deductions from their accounts or cards. Let's take a closer look at the RBI regulations.
Bombay High Court orders Bank of Baroda to refund Rs 76 lakh in cyber fraud case
The Bombay High Court ordered Bank of Baroda to refund Rs 76 lakh to a company due to online fraud. The ruling emphasized the importance of customers reporting fraudulent transactions promptly, following RBI guidelines. The court criticized the banking ombudsman for not properly investigating the case.
Unauthorised transaction due to third party breach: Bank customer has zero liability, says HC
The Bombay High Court ruled that customers have zero liability for unauthorized transactions caused by third-party breaches, directing Bank of Baroda to refund Rs 76 lakh to Pharma Search Ayurveda Private Limited. The court cited a 2017 RBI circular and the bank’s Consumer Protection Policy, highlighting that the deficiency lay not with the bank or the customer. The petitioners reported the fraud immediately, but the bank ombudsman initially rejected their claim. The court found no negligence by the petitioners and ordered the refund within six weeks.
Credit card issued without consent? Here is what you can do
Card issuers are restricted from offering unsolicited credit cards and are required to get the customer's prior and explicit authorisation before issuing the card, according to the Reserve Bank of India (RBI) rules.
Trouble with bank and can't find resolution? File a complaint against bank with RBI Ombudsman; who are eligible, when, where to file
RBI Ombudsman: Facing any issue with your bank? First try to solve it by filing a complaint, etc. If it is still not solved you may approach the Reserve Bank of India (RBI) and file a complaint under the 'Banking Ombudsman Scheme'. Read here to know who can file such a complaint and when will such a complaint not be considered.
RBI appoints R. Lakshmi Kanth Rao as new Executive Director
The Reserve Bank of India (RBI) has appointed R. Lakshmi Kanth Rao as its new Executive Director, effective May 10. Rao will oversee the Deposit Insurance and Credit Guarantee Corporation, Right to Information Act (FAA), and Department of Communication. Rao has over three decades of experience in various domains, including Banks and NBFCs regulation, supervision, and consumer protection.
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RBI asks banks to look at setting up central fund to pay internal ombudsmen
RBI advises creating a central fund for internal ombudsman salaries to ensure independence and customer rights protection. The Annual Report highlighted a 68% increase in customer complaints. Challenges in implementation include differing compensation structures, as noted by a senior bank executive.
AI increases cybersecurity challenges manifold for financial institutions: RBI Guv Das
Governor Shaktikanta Das addressed the Annual Conference of RBI Ombudsman, emphasizing the importance of data analysis, cybersecurity, fraud prevention, and efficient grievance redressal mechanisms for financial institutions to protect customer information and enhance customer service.
RBI governor asks banks to plug gaps in customer grievance mechanisms
The Reserve Bank of India has instructed banks and other financial intermediaries to address shortcomings in their customer grievance systems and ensure equitable pricing of their products and services, along with maintaining transparency in customer dealings and preventing mis-selling.
Customer complaints with RBI Ombudsman up 68% in 2022-23
Customer complaints with the Reserves Bank Ombudsman increased by 68% in 2022-23. Under RBIOS, the central bank handled 7,03,544 complaints, with public sector banks accounting for 41% and private sector banks accounting for 31% of the complaints.
RBI calls upon internal ombudsmen to give inputs for enhancing processes
The conference was attended by MD & CEOs, executive directors in charge of customer service verticals, internal ombudsmen, principal nodal officers of select regulated entities from among banks, NBFCs and CICs, besides senior officials from the Reserve Bank of India.
RBI central board reviews economic, financial developments
The Central Board of Directors of the Reserve Bank of India convened on Friday for its 604th meeting to assess economic and financial developments. The meeting, chaired by RBI Governor Shaktikanta Das, took place in the serene surroundings of Rishikesh, Uttarakhand.
CICs to pay Rs 100/day to customers for delay in updation of credit info: RBI
The RBI announced that credit information companies (CICs) will have to compensate clients for delays in updating or correcting their credit information by giving them a daily payment of Rs 100. The 'Framework for reimbursement to consumers for delayed updation/rectification of credit information' will be implemented in six months by CICs.
RBI ombudsman scheme can't be reduced to tantalising promise: Delhi HC
The Delhi High Court has criticized the "high-handed approach" of the RBI ombudsman in a complaint against a bank, stating that it erodes public trust. The court emphasized that the Ombudsman Scheme is crucial in resolving consumer complaints against regulated entities and called for a cost-effective and speedy resolution.
Money deducted from bank account but not received from ATM: What you can do
If any money was deducted for failed ATM transactions it would automatically be reversed with T+5 days, where T is the transaction date. If the money is not reversed back to the individual's bank account then a compensations for such delay would be payable by banks. Read here for details.
RBI to harmonise Internal Ombudsman framework to strengthen customer grievance mechanism
The Reserve Bank of India (RBI) is implementing changes to strengthen its customer grievance redressal system. RBI Governor Shaktikanta Das announced the consolidation and harmonisation of the Internal Ombudsman guidelines into a single master direction. This move aims to enhance the customer complaint resolution process for regulated entities. The Internal Ombudsman mechanism was introduced in 2015 and has since been extended to various Non-Banking Financial Companies, Credit Information Companies, and Non-Bank System Participants. The RBI also plans to issue a framework for recognising Self-Regulatory Organisations to promote compliance culture and provide a consultative platform for policy-making. Stakeholder comments will be sought on the draft of the framework.
RBI streamlines Internal ombudsman scheme of banks, other financial institutions to help customers
As per the RBI governor, the consolidation of master guidelines will fine tune the redressal of customers' complaints. In November 2021, the RBI announced the Integrated Ombudsman by merging three different ombudsman schemes. The current announcement deals with streamlining the operational aspect of the ombudsman scheme to make it easier for customers to file complaints.
14,007 cyber fraud cases were registered in 2021
As many as 14,007 cyber fraud cases were registered in 2021, Parliament was informed on Monday. Quoting National Crime Records Bureau (NCRB) data, Minister of State for Finance Bhagwat Karad said "total number of cyber fraud cases which includes...frauds committed through online apps is 14,007 in 2021 (latest published data pertains to the year 2021)."
1 crore complaints to banks every year: Know what the RBI panel recommends
A panel set up by the Reserve Bank of India (RBI) has recommended measures to improve customer experience at banks and other regulated entities (REs). The panel suggested an online facility for reporting fraudulent transactions, which would trigger an automatic alert from the victim’s bank to relevant counterparts for blocking the flow of funds. To streamline call centres, REs should provide a dedicated IVRS flow and offer an automated call-back feature to avoid callers repeatedly pressing buttons in an effort to speak to executives. The RBI may establish a RE-agnostic common complaint portal for lodging complaints on a single platform.
What will happen if a bank refuses to exchange, accept deposits of Rs 2,000 banknotes?
People can deposit Rs. 2000 banknotes into their accounts or exchange them for banknotes of other denominations at any bank branch.
Credit bureaus to be brought under RBI's ombudsman
The regulator said there will also be a provision for SMS and email alerts to customers when their credit information is accessed from CICs. The RBI said it will also bring in a time frame for ingestion of data received by CICs from Credit Institutions and disclosures relating to the number and nature of customer complaints received on the website of CICs.
How do I get my money back if I transferred it to the wrong bank account?
Though we take so many precautions when we transfer money, mistakes can happen. Your hard-earned money will go to the wrong account if one digit is replaced by another.
Soon, file complaint against HFCs with RBI’s integrated ombudsman
RBI, in the annual report of ombudsman scheme, said that its consumer education and protection department is working towards extension of the scheme to HFCs. This may be done by March 31, 2023. Last year, the coverage of the integrated ombudsman scheme was extended to credit information companies and the non-scheduled urban cooperative banks with a deposit size of Rs 50 crore or above.
RBI Governor Shaktikanta Das urges ombudsmen to be sensitive and ensure quick resolution for consumer complaints
While speaking at the Annual Conference of Reserve Bank of India Ombudsmen, Das said the authority needs to strive harder to further reduce turnaround times without compromising on the quality of our resolution. "There needs to be a proper and deep evaluation of the facts and evidence of a case to ensure a fair settlement. While we encourage our regulated entities to excel, we too must match their efforts and ensure timely and just resolution, RBI Governor Shaktikanta Das said.
Reserve Bank of India introduces internal ombudsman mechanism for CreditInformation Companies
The directions, issued by the Reserve Bank of India, include the appointment/tenure, role and responsibilities, procedural guidelines, and oversight mechanism for the Internal Ombudsman. All complaints that are partly or wholly rejected by CreditInformation Companies will be reviewed by the IO before the final decision of the CIC is conveyed to the complainant, it said, adding that the IO will not entertain any complaints directly from the members of public.
RBI may establish fraud registry to check bank frauds
"There is no definite timeline for setting up of the fraud registry. At present, we are talking to different stakeholders including different departments like payments and settlement and supervision of RBI," RBI executive director Anil Kumar Sharma revealed.
RBI's move to bring credit information companies into ombudsman scheme expected to quicken redressals
Governor Shaktikanta Das said introduction of the ombudsman scheme has led to a reduction in the time taken to solve consumer problems and expressed hope that it will be a case with CICs as well. CICs will join non-banking finance companies, commercial and co-operative banks under the purview of the scheme that was launched last year.
Issues related to cards, net banking, fair practices top complaint grounds at banking ombudsman: RBI
The Reserve Bank of India (RBI) has released the Annual Report of the Ombudsman Schemes for the year 2020-21, which has been prepared for the nine-month period from July 1, 2020, to March 31, 2021, in alignment with the change in the financial year of the RBI from 'July-June' to 'April-March' with effect from July 1, 2020.
Ombudsman scheme to provide cost-free redress of customer complaints: RBI
A centralised receipt and processing centre has been set up at RBI, Chandigarh for receipt and initial processing of physical and email complaints in any language.
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