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Presently the Banking Ombudsman Scheme 2006 (As amended up to 1 July 2017) is in operation. [1] From 2002 until 2006, around 36,000 complaints have been dealt by the Banking Ombudsmen. There are 22 regional offices of Banking Ombudsmen in India. The latest offices are opened in Jammu, Raipur, Mumbai-II & New Delhi-III. [citation needed]
Hunter Fraud Score is a rating score in India prepared by the credit information company Experian to help detect fraud in credit applications through analytical approach. The score was launched in 2016 and is used by Indian banks and insurance companies to help them lower their losses.
The Banking Ombudsman Scheme has been formulated by the Reserve Bank of India (RBI) for effective addressing of complaints by bank customers. The RBI controls the monetary supply, monitors economic indicators like the gross domestic product and has to decide the design of the rupee banknotes as well as coins. [ 67 ]
Sh. Unnikrishnan A, Legal Adviser, Reserve Bank of India 10. Part Time Member Dr. Krishnamurthy Subramanian, Former Chief Economic Advisor, Government of India 11. Part Time Member Sh. B. Sriram, Former Managing Director & CEO of IDBI Bank Ltd.
Reserve Bank of India Act, 1934: This is the primary legislation governing the functions and powers of the Reserve Bank of India (RBI), which is the central bank of India. The act provides for the regulation of banking and credit in India and gives the RBI the authority to issue licenses to banks and regulate their activities.
Banking Ombudsman may refer to: Banking Ombudsman Scheme (India) Financial Ombudsman Service (United Kingdom) Financial Ombudsman Service (Australia)
The Punjab National Bank Fraud Case relates to fraudulent letter of undertaking worth ₹12,000 crore (US$1.4 billion) issued by the Punjab National Bank at its Brady House branch in Fort, Mumbai; making Punjab National Bank liable for the amount. [1] The fraud was allegedly organized by jeweller and designer Nirav Modi.
It was a systematic stock scam using fake bank receipts and stamp paper that caused the Indian stock market to crash. The scam exposed the inherent loopholes of the Indian financial systems and resulted in a completely reformed system of stock transactions, including an introduction of online security systems.