by Vinaya HS on January 9, 2009
in Finance
On the subject of detection and impounding of counterfeit notes by banks operating in India, the Reserve Bank of India notes that,
Complaints are being received from the public that while impounding a counterfeit note, the tenderer is not informed the reasons for deeming a note as counterfeit. It is therefore advised that the format of the receipt provided in Annex I of the Master Circular [on Detection and Impounding of Counterfeit Currency] has been modified with immediate effect to indicate the parameters on which a note is deemed as counterfeit.
While I do not agree with all of the measures adopted by the Reserve Bank of India (the recent liquidity infusions, for example), I do agree that we have the best banking and financial regulator in the world. What do you think?
Awareness Fridays is my initiative to spread awareness on topics relevant to personal finance — every Friday. I urge you to take some time off and absorb this information — it’s pretty useful. And, as always, do spread the word if you find this useful.
by Vinaya HS on January 2, 2009
in Finance
The Reserve Bank of India also governs the Banking Ombudsman Scheme which provides an “expeditious and inexpensive forum to bank customers for resolution of their complaints relating to banking services.” The objective of the Banking Ombudsman Scheme is to be a visible and reliable system of dispute resolution mechanism for bank customers.
Though the Ombudsman was launched way back in 1995, how many among us are really aware of when and how to approach the Banking Ombudsman? Thankfully, as always, the Reserve Bank of India has recently released a guide on this very topic.
As the report points out,
Two major challenges in effective implementation of Banking Ombudsman Scheme are creating widespread awareness about the Scheme and providing easy access to grievance redressal under the Scheme.
By publishing this post, I have, hopefully, managed to address the first challenge to a small extent. I’d like you to continue this effort by forwarding this post (or the guide) to whoever you believe can benefit from reading it.
Awareness Fridays is my initiative to spread awareness on topics relevant to personal finance — every Friday. I urge you to take some time off and absorb this information — it’s pretty useful. And, as always, do spread the word if you find this useful.
