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October Current Affairs 2020
Monthly Current Affairs

Bank Jobs 2020 Notification

Banking Ombudsman
By AC Team 1 - August 29, 2020

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Banking Ombudsman is a person who hears complaints relating to certain services

rendered by banks. The Banking Ombudsman Scheme is introduced under Section 35 A of
the Banking Regulation Act, 1949 by RBI with effect from 1995.

The Banking Ombudsman is a senior official appointed by the Reserve Bank of India to
redress customer complaints. All Scheduled Commercial Banks, Regional Rural Banks and
Scheduled Primary Co-operative Banks are covered under the Scheme.

A Person can make a complaint to the Banking Ombudsman for things such as,

Inordinate delay in the payment or collection of cheques, drafts, bills etc.

Non-payment or delay in payment of inward remittances.

Non-adherence to prescribed working hours

Complaints from NRIs having accounts in India in relation to their remittances from
abroad, deposits and other bank-related matters

Refusal to open deposit accounts without any valid reason for refusal

Levying of charges without adequate prior notice to the customer

Failure to provide or delay in providing a banking facility promised in writing by a bank or

its direct selling agents.

Forced closure of deposit accounts without due notice or without sufficient reason;

Refusal to close or delay in closing the accounts.

Refusal to accept or delay in accepting payment towards taxes, as required by Reserve

Bank/Government.

Delays in receipts of export proceeds, handling of export bills, collection of bills etc. for
Month-Wise Current Affairs 2020
exporters provided the said complaints pertain to the Banks operations in India.
Current Affairs September 2020
 Non-acceptance of application for loans without furnishing valid reasons to the applicant Current Affairs August 2020

Current Affairs July 2020

It is possible to file a complaint with the Banking Ombudsman simply by writing on a plain
Current Affairs June 2020
paper. One can also file it online by sending an email to the Banking Ombudsman. Banking
Current Affairs May 2020
Ombudsman can order the Bank to compensate the actual money loss OR Rs.10 lakh
(whichever is lower). In case of Credit card related cases, the Ombudsman can order the Current Affairs April 2020
bank to pay additional fines (upto Rs.1 lakh) for the mental harassment caused to the Current Affairs March 2020
customer. Current Affairs February 2020
Current Affairs January 2020
The Banking Ombudsman does not charge any fee for filing and resolving customers’
complaints.
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If a person is not satisfied with the decision passed by the Banking Ombudsman, he/she can
approach the appellate authority against the Banking Ombudsmen’s decision within 30 days Current Affairs 24 October 2020
of the verdict. Appellate Authority is vested with a Deputy Governor of the RBI. AC Team - October 24, 2020

Ombudsman Scheme for Non-Banking Financial Companies, 2018

Current Affairs 23 October 2020
AC Team - October 23, 2020
The RBI introduced an NBFC Ombudsman scheme to redress complaints with regard to
NBFCs in 2018. The NBFC Ombudsman is a senior official appointed by the RBI to redress
customer complaints against NBFCs for deficiency in certain services covered under the Current Affairs 22 October 2020
grounds of complaint specified under Clause 8 of the Scheme. Four NBFC Ombudsman have AC Team - October 22, 2020
been appointed with their offices located at Chennai, Kolkata, New Delhi and Mumbai.
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Cash Recyclers

A Cash Recycler is a machine that handles a couple of simple, but important tasks—accepting Current Affairs Quiz
and dispensing cash. Cash recycling enables an ATM to accept, validate, sort and store
banknotes quickly and reliably. These banknotes can then be made available to customers Current Affairs Quiz: 24 October 2020
who wish to take out cash. AC Team - October 24, 2020

Bunch Note Acceptor:

Current Affairs Quiz: 23 October 2020
AC Team - October 23, 2020
Bunch Note Acceptor [BNA] is self-service terminal that enables customers to deposit cash
without any manual intervention of the branch officer. To use the BNA, customers neednbfc
to have Bank Debit Card or know the Bank’s 16 digit account number in which they wish to
Current Affairs Quiz: 22 October 2020
deposit the money.
AC Team - October 22, 2020

Semi-Automatic Passbook (SAPB) Printing Machine: Load more 

Pass Book Printing Kiosk is a new technological self-servicing solution which can be placed at
a convenient place so that customers can get their passbook updated at their convenience on
Date-Wise Post
their own.

October 2020
Cheque Deposit Machine (CDM):
M T W T F S S
Cheque Deposit machine is a unique automated machine that accepts cheques and issues the
  1 2 3 4
depositor a scanned copy of the same with the date and time as an acknowledgement. This
machine eliminates the dependence on human resources and speeds up the entire process, 5 6 7 8 9 10 11
thus reduces time and effort spent on such transactions and also eases the collection 12 13 14 15 16 17 18
process.
19 20 21 22 23 24 25

Automated Teller Machine (ATM):

26 27 28 29 30 31  

« Sep    
Automated Teller Machine (ATM) is a machine that dispenses cash when a Debit card is
inserted by the customer inside the card slot. Apart from the above, the customer can
sidbienquire his account balance, can get the print out of last 5 transactions(mini statement), Can You Help Others
can change his PIN number, etc.

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