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Economy
Mahesh

05/09/22 05:50 AM IST

Registry to check bank fraud

In News 
  • Recently, the Reserve Bank of India (RBI) considering setting up a fraud registry to create a database of fraudulent websites, phones and various methods used by fraudsters.
Significance 
  • The Registry’s database will help prevent fraudsters from repeating the fraud as the websites or phone numbers would be blacklisted.
  • The Payment system participants will be provided access to this registry for near-real-time fraud monitoring.
  • The aggregated fraud data will be published to educate customers on emerging risks.
Ombudsman Scheme
  • The scheme was launched for resolving customer grievances in relation to services provided by entities regulated by RBI in an expeditious and cost-effective manner.
  • It amalgamates three ombudsman schemes of RBI - banking ombudsman scheme of 2006, ombudsman scheme for NBFCs of 2018 and ombudsman scheme of digital transactions of 2019.
  • The unified ombudsman scheme will provide redress of customer complaints involving deficiency in services rendered by RBI regulated entities viz. banks, NBFCs (Non banking Financial Companies) and pre-paid instrument players if the grievance is not resolved to the satisfaction of the customers or not replied within a period of 30 days by the regulated entity.
  • It also includes non-scheduled primary co-operative banks with a deposit size of Rs 50 crore and above.
  • The integrated scheme makes it a “One Nation One Ombudsman’ approach and jurisdiction neutral.
Source- Times of India 

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