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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 ...
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Quick Refernce Guide for CAIIB-Retail Banking Part 4 of 5

    10.   Future Value of Money

FV = PV (1+r)n

FV = Future Value, PV = Present Value
n – Period,     r – Rate of Interest

ex. If Rs 10000 will be invested for 5 years at interest rate 8% p.a find the future value.

FV = PV (1+r)n
     = 10000(1+8/100)5
= 10000(1+0.08)5
=14693

·         Same value can be calculated using Future Value Table.
FV = PV * Future Value Factor

11.   Future Value of Ordinary Annuity – When payments are made/ received at the end of each period.
                F = A [(1+i)n -1/ i]
      Where F = Future Value
                A = Annuity
                i – Interest rate
                n - Term


12.   Future Value of Annuity Due – Payment are made/ received at the beginning of each period.
                F = A[(1+i)n – 1/ i](1+r)
       Where F = Future Value
                A = Annuity
                i – Interest rate
                n – Term
·         Same value can be calculated using annuity table
  Future Value of Annuity = Annuity * CV Factor

     13.   Present Value

PV = FV / (1+r)n

Using Present Value Factor PV = FV * Present Value Factor



 Part 1         Part 2       Part 3       Part 5

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