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Reserve Bank of India (RBI) (Ombudsman Scheme for NBFCs (Office of…
Reserve Bank of India (RBI)
Ask corporate borrowers to obtain ‘Legal Entity Identifier’ code
20-character identifier that identifies distinct legal entities that engage in financial transactions worldwide
Developed by G20 and FSB
inability of financial institutions to identify organisations uniquely
Legal Entity Identifier India Limited, subsidiary of CCIL
Clearing Corporation of India
provide guaranteed clearing and settlement functions for transactions in Money, G-Secs, Foreign Exchange and Derivative markets
local operating unit
Prompt Corrective Action measures
Bank of India
High NPAs and insufficient capital
supervisory framework
high level task force on Public Credit Registry
database of credit information that is accessible to all stakeholders
credit information systems impart transparency in the credit market
Forex Reserves
includes
Foreign Currency Assets (FCAs)
Gold
Special Drawing Rights (SDRs)
RBI's Reserve Position with International Monetary Fund (IMF)
Y H Malegam committee to monitor bad loans, rising cases of fraud and audits
in light of PNB Nirav Modi scam case
Ombudsman Scheme for NBFCs
for redressal of complaints against NBFCs registered against NBFCs registered under RBI Act, 1934
cost free and expeditious complaint redressal
Office of Ombudsan
Four metros
written or electronic complaints
Award of Ombudsman has to be implemented by NBFC
Send report to RBI within 15 days
Else RBI will take action it deems fit
M-banking now under ombudsman’s purview
Appellate mechanism in form of an Appellate Authority
pecuniary jurisdiction of the Banking Ombudsman to pass an Award has been increased from existing Rs 10 lakh to to Rs 20 lakh
Compensation not exceeding Rs 1 lakh can also be awarded
SWIFT
asks Banks to link SWIFT to core banking solutions (CBS)
Society for World Interbank Financial Telecommunication Systems Platform
Enable financial institutions world wide to send and receive information about financial transactions in secure, standardised and reliable environment
HQ :red_flag: La Hulpe, Belgium
does not facilitate funds transfer, rather sends payment orders which must be settled by correspondents accounts
tighten internal control controls in banks following Nirav Modi PNB Fraud Scam
SWIFT technology was misused by Bank branch officials to fraudulently issue LoUs
Core Banking Solutions
Centralised Software used to support bank's most common transactions
Handbook of Statistics on States 2017-18
statistical publication
data on state-wise sectors of economy
fiscal deficits of all the states skyrocketed to Rs 4,93,360 crore in fiscal 2016 from Rs 18,790 crore in FY1991