Awareness Fridays: [Update] Guidelines on Detection and Impounding of Counterfeit Notes at Indian Banks

Posted 3 CommentsPosted 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 […]

Awareness Fridays: A Guide to the Indian Banking Ombudsman Scheme

Posted 4 CommentsPosted 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 […]

Awareness Fridays: Financial Alchemy Packaged in an Attractive Presentation is Still Financial Alchemy

Posted 2 CommentsPosted in Finance

The first time I saw this presentation (it was emailed to the administration head at my office), I screamed “WTF mate?” multiple times and in quick succession. Go through this presentation and give me one decent reason for why you would ever want to invest in this attractively packaged recipe for financial alchemy? [slideshare id=855587&doc=returnguaranteefund-1229571730583996-2&w=425] […]

Awareness Fridays: Easy Reading — Mitigating Spillovers and Contagion Lessons from the Global Financial Crisis

Posted 1 CommentPosted in Finance

Today’s topic is an easy to understand and informative read for the weekend. It’s a speech delivered by Dr. D. Subbarao, Governor, Reserve Bank of India at the RBI-BIS Seminar on “Mitigating Spillovers and Contagion – Lessons from the Global Financial Crisis” (click to download) at Hyderabad earlier this month. Of significance is this quote […]

Awareness Fridays: Guidelines for Exchanging Mutilated Currency Notes at Indian Banks

Posted 1 CommentPosted in Finance

We’ve all had our fair share of receiving torn or soiled currency notes. Sometimes banks refuse to exchange these notes and we’re left fuming since we’ve no idea what the rules are with respect to exchange of such notes. Thankfully, the Reserve Bank of India has published guidelines for exchanging such currency. Click here to […]

Awareness Fridays: Guidelines for Credit Card Operations of Indian Banks

Posted Leave a commentPosted in Finance

Reader Shankar asks, Is there any Master Circular issued by the Reserve Bank of India on Credit Cards issued by Indian Banks? There certainly is: Download the Master Circular on Credit Card Operations of Indian Banks. Download an update to the Master Circular. There’s some pretty useful information in these documents. Again, take some time […]

Awareness Fridays: Guidelines for Customer Service in Indian Banks

Posted 3 CommentsPosted in Finance

The Reserve Bank of India time and again issues various instructions/guidelines in the area of customer service to bring about improvements in the quality of customer service in banks and their branches. But whether banks actually implement these guidelines is a different matter altogether. As bank customers, however, it’s prudent on our part to know […]