The Reserve Bank of India (RBI) has issued the draft Internal Ombudsman (IO) Directions, 2025, aiming to strengthen the in-house grievance redressal mechanism across banks, NBFCs, and other regulated entities. This move is part of RBI’s ongoing efforts to ensure faster, fairer, and more transparent complaint handling before cases reach the external ombudsman system. 🔍…
The Reserve Bank of India (RBI) has released the draft Reserve Bank – Ombudsman Scheme, 2025, aimed at improving customer grievance redressal and enhancing accountability among regulated entities such as banks, NBFCs, and payment system operators. 🔑 Key Highlights * Higher Compensation Limits: Customers can now receive compensation of up to **₹30 lakh for…
Traditionally, banking was unknown to present day concept of priority sector lending. The commercial banks in India used to provide security oriented finance to trade and industry. Big industrial houses and traders were beneficiaries of security oriented lending concept and a large chunk of bank finance was enjoyed by them. The National Credit Council in…