Synopsis
Currently, there are separate ombudsmen for banks, non-banking finance companies and prepaid card issuers. The move is aimed at providing an efficient dispute resolution mechanism to the customers.
In the Statement on Development and Regulatory policy issued today by the RBI Governor Shatikanta Das, it has been proposed to merge the three-separate ombudsman schemes for banks, NBFCs and non-bank prepaid instruments. As per the announcement, the Integrated Ombudsman Scheme will be rolled out in June, 2021.
Currently, there are separate ombudsmen for banks, non-banking finance companies and prepaid card issuers. The move is aimed at providing an efficient dispute resolution mechanism to the customers.
There are dedicated ombudsman schemes devoted to consumer grievance redressal in banking, non-bank finance companies and digital transactions, respectively, at present
ICICI Bank signs MoU with Japan s MUFG Bank
A pedestrian walks past an ICICI Bank Ltd. branch in Mumbai, India, on Friday, Dec. 4, 2020. Home sales in India s commercial capital jumped to an eight year high in October, according to data from Knight Frank, marking an abrupt turnaround for a market that s spent three years in the doldrums after aprolonged shadow banking crisisstrangled access to credit. Photographer: Dhiraj Singh/Bloomberg
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ICICI Bank and MUFG Bank will combine strengths to cater to banking requirements of Japanese corporates present in India
Japan is the fifth largest investor in India’s economy with cumulative FDI inflows of $34.15 billion from April 2000 to September 2020