Will Reserve Bank – Integrated Ombudsman Scheme, 2021 be a game-changer, swiftly address consumer grievances in RBI regulated entities? A critical analysis Important note to readers and Background: The write-up is a bit lengthy but I am sure it will serve as one source of reference to millions of consumers dealing with Banks, NBFCs, and […]
Suggestion –Lodgement of claims by CEOs of insured banks on behalf of eligible depositors- process simplification – without sacrificing the safety and security- need of the hour 1. Few readers of my earlier articles on the subject of DICGC called me and informed me that contrary to the applicable provisions some banks are not entertaining […]
KYC, Re-KYC (KYC review), CKYC, misconceptions around KYC and Dormant/Inoperative Account (A/c): Harassment of Customers by Banks and Financial Institutions (FIs), etc Note for Readers:-The write-up is a bit lengthy but I am sure it will serve as one source of reference to millions of customers of the Financial System. Readers not keen on reading […]
DICGC- Liability to make time-bound an interim payment to depositors of insured bank/s : PMC Bank, Rupee Coop Bank, Pen Coop Urban Bank Efforts are made in this write-up to highlight the correct status of interim payment by DICGC to insured bank depositors, without getting too much into legal Jaron. Print media has been interchangeably […]
Can a bank offer different rates of interest, on non-bulk Fixed Deposits of the same tenure and size, under simple interest and compound interest plans? An attempt has been made in this article to examine the following: whether a bank can prescribe different rates of interest for the same tenure, for the same amount, on […]
For the last many months on WhatsApp, groups’ message is circulating about Centralized Public Grievance Redress And Monitoring System (CPGRAMS) and its success in resolving the named individual grievance. I thought I should write a detailed write up on the functioning of the CPGRAMS portal, its current state, and whether it f
RBI’s directions on Auto conversion (re-designation) of banking a/cs into Senior Citizen Account – No clarification for years Please peruse below the text of an important and relevant portion of a simple query, supported with a clear example, I posed to DBR (RBI). The circular below was issued by RBI following the policy statement of […]
RBI’s clear directions on implementing cKYC for new clients Last month my article on the subject ‘cKYC mechanism becomes a mockery & wastage of country’s resources‘, was published on your popular website. The link is given below for those who wish to read it. https://taxguru.in/finance/ckyc-mechanism-become-mockery-wastage-countrys-resources.html To ensure the success cKYC the mechanism I had suggested […]
Adhoc Monthly/Quarterly SMS charges and GST on it levied by banks on Cores of banking accounts and its appropriateness Upon reading the title of the write-up you may think that the subject matter is very simple and insignificant. Probably, the reader may also think that there is no need to write such a lengthy article-up. […]
Inadequate regulatory oversight by financial market regulators resulting in regulated entities practising random ways to generate extra revenue In anxiety to improve the earnings under ‘miscellaneous income category,’ many business entities in the financial sector are looking at various opportunities and do mischievous things. I am focussing the banking segment for discussion. This, however, equally […]
