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BANKING OMBUDSMAN AND ITS ROLE

  The Banking Ombudsman is an authority created by the Reserve Bank of India (RBI) to address customer grievances regarding banking services. It provides a cost-free, quick, and impartial resolution process for complaints against banks.  Customers can file complaints if they are dissatisfied with the services of a bank or have not received a satisfactory response from the bank within 30 days of lodging a complaint. Complaints given to Ombudsman Cover  -  Non-payment or delay in payment of cheques, drafts, or bills. Issues related to loans or advances. Non-adherence to fair practices code. Unauthorized debits or service charges. Complaints regarding internet banking or mobile banking. Delay in providing banking services. Unauthorized ATM withdrawals. Wrongful Charges. Ombudsman cannot accept complaints those are  handled by a court, tribunal, or arbitrator. Cases older than one year from the cause of action also do not entertained by Ombudsman.  How to File ...

Alliance / Merger / Consolidation


  • Alliance - Mutual agreement between companies to exchange or integrate business resources for mutual gain. Although they remain separate entities.
    • Advantage -
    •  i. To obtain market growth
    • ii. To construct broader business systems by linking a company's internal core competencies with the best of breed capabilities of its allies.   

  • Merger - Also known as amalgamation. Combination of two or more companies into a single company, where one survives with its name and other lose their corporate existence.
           

Types of Merger

  • Consolidation - Both companies lose their identity. A new third identity is created.

  • Acquisition or Take Over - Refers to the acquiring of a controlling stake in the ownership of a company by another entity. One company buy share capital of another company.

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