The Ombudsman Scheme for NBFCs 2018 was launched by RBI on February 23, 2018, for cost-free expeditious complaint redressal against NBFCs registered with RBI under Section 45-IA of the RBI Act, 1934 and covered all deposit-accepting NBFCs to begin with. Further, on April 26, 2019 Reserve Bank extended the coverage of the Ombudsman Scheme to…
The term ‘Gilt’ is of British origin. The British called ‘Gilt edged securities’ to the bonds and the securities issued by the British Government (through Bank of England) on behalf of His/Her Majesty’s Treasury, whose paper certificates had a gilt edge. The term Gilt edged securities is used in India for the Government securities like…
The Ombudsman Scheme for Digital Transactions (OSDT) is introduced by RBI, with effect from January 31, 2019, under Section 18 of the Payment and Settlement Systems Act, 2007. The scheme provides a cost-free and expeditious complaint redressal mechanism relating to deficiency in customer services in digital transactions conducted through non-banking ‘System Participant’. The ‘system Participant’…
CRR (Cash Reserve Ratio): CRR is the minimum percentage of total deposits of customers in a commercial bank held as reserves either in the form of cash or deposit in a specified current account with central bank of the country (RBI in India) as per the mandatory guidelines of central bank of the country. How…