RBI amends Banking Ombudsman Scheme

The central bank has extended the scope of Banking Ombudsman Scheme. The Reserve bank said that under the amended scheme, a customer would also be able to lodge a complaint against the bank for its non-adherence to RBI instructions with regard to mobile banking/ electronic banking services in India. As per the amendment, the pecuniary jurisdiction of the Banking Ombudsman to pass an award has been doubled to 20 lakh rupees.
AIR correspondent reports that the Reserve Bank yesterday extended the scope of Banking Ombudsman Scheme under which banks could be penalised for mis-selling third-party products like insurance and mutual funds via mobile or electronic banking. Banking Ombudsman is a quasi judicial authority functioning under the Banking Ombudsman Scheme, 2006. The authority was created to enable resolution of complaints of customers of banks relating to services rendered by the lenders.

The gross fiscal deficits of all the states skyrocketed to 4,93,360 crore Rupee in the last fiscal from the 18,790 crore rupee in the financial year 1991, according to the latest RBI data. Most populous state Uttar Pradesh and the largest Rajasthan lead the list of states with highest deficit.
According to the second edition of RBI’s statistical publication titled ‘Handbook of Statistics on States 2016-17’, released on Saturday, the gap is projected to improve in the current fiscal. It is estimated to be 4,49,520 crore rupee as per the budget estimates of the states for financial year 2017.
The publication follows the ‘one-indicator-one table’ approach and covers all sub-national statistics on socio- demographics, state domestic product, agriculture, industry, infrastructure, banking and fiscal indicators across the states over a period ranging from 1950-51 to 2016-17.
It also offers data on state-wise availability of power, per capita availability of power, installed capacity of power, and power requirement, length of national highways, roads and state highways, and railheads.

According to the data released by RBI, banks’ credit growth grew at 6.02 per cent to Rs 76,58,212 crore in the fortnight ended June 9 from Rs 72,22,939 crore in the same period of fiscal 2016.

The data showed that the growth in advances in the reporting period was slightly higher than the previous fortnight ended May 26, 2017. In the fortnight ended May 26, advances had grown by 5.08 per cent with an outstanding loans at Rs 75,93,546 crore.

In the fiscal ended March 31, 2017, credit growth had plunged to a multi-year low of 5.08 per cent with an outstanding loan at Rs 78.81 trillion as against Rs 75.01 trillion on April 1, 2016. In the reporting fortnight, bank deposits grew at 11.19 per cent to Rs 105,77,947 crore from Rs 95,13,148 crore in the fortnight ended June 10, 2016.

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