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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 3 of 5

 7.   Strategy in New Product Development
 








8.   Rule of 72 – Amount or loan will be doubled if no extra transaction will be done in this period. This period can be obtained using below formula
72/rate of interest
So, amount 5000 at interest rate 4% will become 10,000 in
72/4=18 years if no deposit/ withdraw will be done.
And loan amount 5000 at interest rate 10% will become 10,000 in
72/10 = 7.2 Years if no payment will be made.


9.   Time Value of Money – Process of converting future sums into their present equivalents is known as discounting. Compounding is used to determine the future value of present cash flow.
Frequently compounding of interest
Annually = P (1+r)  - Annual Compounding
Quarterly = P (1+r/4)4 – Quarterly Compounding

Monthly = P (1+r/12)12 – Monthly Compounding


Part 1         Part 2       Part 4     Part 5

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