Feature Post

NEO Banking - A Future Digital Banking, Development Scope, Threat and Challenges

What is Neo Banking? NEO banks are the banks which has no physical branches. NEO Banks are digital only financial institutions that operate exclusively online through websites and mobile apps.  The financial services industry has undergone massive transformations from manual to Core Banking and now digital without any physical branch. the evolution of banking has been marked by innovations aimed at making financial services more accessible, convenient, and efficient.   NEO Banks offers services like below: Account Management: Account Opening, Checking, Savings, and Money Transfers Loan Services: Quick and seamless loan approvals Low Fees: Minimal or no fees due to lower operational costs Tech Features: Budget tools, instant payments, and real-time alerts Why Are Neo Banks becoming popular now? Convenience : 24/7 mobile banking—no waiting in lines. Lower Fees : No hidden charges, free international transfers, and zero maintenance fees. User-Friendly Apps : Seamless, f...
0

Banking Ombudsman



The Reserve Bank had first introduced the Banking Ombudsman Scheme in 1995 to provide prompt and inexpensive forum to bank customers for resolution of their complaints relating to deficiency in banking services in India.

Scope - Customer complaints on credit card complaints, deficiencies in providing the promised services even by banks' sales agents, levying service charges without prior notice to the customer and non adherence to the fair practices code as adopted by individual banks operational in India. 
  • Established by Reserve Bank Of India under section 35A of Banking Regulation Act.
  • Applies to Jammu & Kashmir also
  • Chief General Manager or General Manager is known as Banking Ombudsman
  • There are 21 offices of Ombudsman in India
  • Ground of Complaints - Service & Guidelines of RBI
  • Maximum Award - 20 Lacs
  • In case of Credit Card - Maximum award is 1 lac only
  • Award has to be accepted by Complaint within 30 days.
Latest updates are available at https://www.rbi.org.in/Scripts/bs_viewcontent.aspx?Id=159

Comments

Post a Comment