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Banking: No RTGS Service on Sunday, April 18, 2021 (up to 2 P.M.); RTGS, NEFT money transfer facilities extended beyond banks …

RBI: No RTGS Service on Sunday, April 18, 2021 (up to 2 P.M.)
RBI Monetary Policy: RTGS, NEFT money transfer facilities extended beyond banks
Bank holidays April 2021: Banks will remain closed for 9 days in total, check out the important dates
Retail loans set to become largest segment for Indian banking industry
Introduction of comprehensive grievance redress system in banks (excluding RRBs) from 27.01.2021
SC on interest waiver on loans in moratorium: Don’t see merit in charging interest on interest
More …

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RBI: No RTGS Service on Sunday, April 18, 2021 (up to 2 P.M.)

Apr 12, 2021 : Dtf.in
As per the RBI Press Release, a technical upgrade of RTGS, targeted to enhance the resilience and to further improve the Disaster Recovery Time of the RTGS system, is scheduled after the close of business of April 17, 2021. Accordingly, RTGS service will not be available from 00:00 hrs to 14.00 hrs on Sunday, April 18, 2021. The NEFT system will continue to be operational as usual during this period.
The member banks have been advised to inform their customers to plan their payment operations accordingly.

Indian currencyRBI Monetary Policy: RTGS, NEFT money transfer facilities extended beyond banks

Livemint.com
07 Apr 2021

  • Till now, only banks were allowed to use RTGS and NEFT payments facilities
  • The aim is to encourage participation of non-banks across payment systems, the central bank said

Reserve Bank of India (RBI) on Wednesday extended the National Electronic Funds Transfer (NEFT) and Real-Time Gross Settlement (RTGS) facilities to non-bank payment system operators. Till now, only banks were allowed to use RTGS and NEFT payments facilities. Now, Prepaid Payment Instrument (PPI) issuers, card networks, White label ATM operators and Trade Receivables Discounting System (TReDS) platforms can use NEFT and RTGS modes.
Read more …

Bank holidays April 2021: Banks will remain closed for 9 days in total, check out the important dates

Holidays of the mentioned days will be observed in various regions according to the state declared holidays, however for the gazetted holidays, banks will be closed all over the country.

Zeenews.india.com
Mar 30, 2021
Highlights

  • Check elaborate list of bank holidays in April 2021
  • Holidays also depend on specific state festivals.
  • Plan bank transaction activities in a better way.

New Delhi: As per the Reserve Bank of India (RBI) holiday calendar list, banking operations will remain closed on several occasions in the month of April 2021.
Read more …

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Retail loans set to become largest segment for Indian banking industry

Lenders depending on personal loans rather than industrial credit
Business-standard.com
March 30, 2021
Retail loans, including home and credit card debt, are expected to become the largest segment for the Indian banking industry, ahead of industrial credit and corporate loans, by the end of March this year. In the first nine months of FY21, bank’s outstanding industrial credit was down 1.2 per cent year-on-year (YoY) to Rs 27.6 trillion (as of December 18, 2020).
Read more … 

Comprehensive Grievance Redress SystemINTRODUCTION OF COMPREHENSIVE GRIEVANCE REDRESS SYSTEM IN BANKS (EXCLUDING RRBs) FROM 27.01.2021

Jan 27, 2021
New Delhi. The Reserve Bank of India (RBI), vide its Circular No.RBI/2020-21/87 – CEPD.CO.PRD.Cir.No.01/13.01.013/2020-21 dated January 27, 2021, has issued a comprehensive Grievance Redress System to be adopted in all scheduled commercial banks (excluding Regional Rural Banks) from January 27, 2021. It will help in improving customer service and enhancing customer confidence.
The Master list of grounds of complaints to be used for disclosure on the top five ground-wise receipt of complaints by banks, drawn by the RBI, indicates the complaints of bank customers on the following issues:-

  1. ATM/Debit Cards
  2. Credit Cards
  3. Internet/Mobile/Electronic Banking
  4. Account opening/difficulty in operation of accounts
  5. Mis-selling/Para-banking
  6. Recovery Agents/Direct Sales Agents
  7. Pension and facilities for senior citizens/differently abled
  8. Loans and advances
  9. Levy of charges without prior notice/excessive charges/foreclosure charges
  10. Cheques/drafts/bills
  11. Non-observance of Fair Practices Code
  12. Exchange of coins, issuance/acceptance of small denomination notes and coins
  13. Bank Guarantees/Letter of Credit and documentary credits
  14. Staff behaviour
  15. Facilities for customers visiting the branch/adherence to prescribed working hours by the branch, etc.
  16. Others

It has been stated that the Banking Ombudsman Scheme of the RBI was introduced in 1995 to serve as an alternate grievance redress mechanism for customer complaints against banks. In 2019, Reserve Bank also introduced the Complaint Management System (CMS), a fully automated process-flow based platform, available 24×7 for customers to lodge their complaints with the Banking Ombudsman (BO).
Comprehensive Grievance Redress Mechanism in Banks
The major components of the comprehensive grievance redress mechanism in banks are briefly given below:

1. Enhanced disclosures on complaints
Appropriate disclosures relating to the number and nature of customer complaints and their redress facilitate customers and interested market participants to take an informed decision in availing the products and services, offered by different banks. To ensure provision of relevant and important information in this regard to bank customers and other stakeholders, the current set of disclosures made by the banks are being enhanced. New formats have been prescribed by the RBI for the banks to make disclosures in this regard in their Annual Reports.

2. Recovery of cost of redress of complaints from banks
The details of the procedure for recovery of the cost of redress of complaints may be seen in the RBI’s Circular dated 27.01.2021.

III. Intensive Review of Grievance Redress Mechanism by the RBI
Reserve Bank will undertake, as a part of its supervisory mechanism, annual assessments of customer service and grievance redress in banks based on the data and information available through the Complaint Management System, and other sources and interactions. Banks identified as having persisting issues in grievance redress will be subjected to an intensive review of their grievance redress mechanism to better identify the underlying systemic issues and initiate corrective measures. The intensive review by the RBI shall include, but will not be limited to, the following areas:

i. Adequacy of the customer service and customer grievance redress related policies
ii. Functioning of the Customer Service Committee of the Board.
iii. Level of involvement of the Top Management in customer service and customer grievance related issues.
iv. Effectiveness of the grievance redress mechanism of banks.

Based on the review, a remedial action plan will be formulated by the RBI and formally communicated to the banks for implementation within a specific time frame.  In case no improvement is observed in the grievance redress mechanism within the prescribed timelines despite the measures undertaken, the bank(s) will be subjected to corrective actions through appropriate regulatory and supervisory measures.

SC on interest waiver on loans in moratorium: Don’t see merit in charging interest on interest

The government told the SC that waiver of interest will hurt the interests of the depositors.
Moneycontrol.com
June 17, 2020
The Supreme Court on June 17 said the government has to make the benefits of loan moratorium available to people, adding it doesn’t see merit in charging interest on interest on loans on which moratorium has been claimed by people. Read more …

Aadhaar card address mismatch? Banks will accept new address on self-declaration

Livemint.com
November 14, 2019
Carrying out a change of address on Aadhaar card has become easier now, the government has amended the anti-money laundering rules to allow people to use Aadhaar for identity proof and yet give their current address, other than mentioned in their Aadhaar for a valid know-your-customer (KYC) requirement. The decision will help migrant workers who have address of their native place in Aadhaar but wants a bank account with their current address where they are living for work. It will also help them in getting a new mobile connection and bank account. The changes were made by amending the Prevention of Money-laundering (Maintenance of Records) Rules, as per a gazette notification issued on Wednesday. …

More: See MoF Notification dated 13.11.2019 >>>  MoF Notification dated 13.11.2019 – Current address as different from Aadhaar Card to be provided by self-declaration-Amendment to PMLA, 2005

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