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The Banking Ombudsman Scheme was established in 2006.In 2006, the Banking Ombudsman Scheme (BOS) was established. It was last updated in July of this year. According to the RBI website, the BOS is an effective venue for bank customers to resolve concerns about specific services provided by banks. With effect from 1995, RBI implemented the BOS under Section 35 A of the Banking Regulation Act, 1949. What Is The Role Of A Banking Ombudsman? The Banking Ombudsman is a senior professional appointed by the Reserve Bank of India to resolve consumer complaints about deficiencies in specific banking services as defined in Clause 8 of the Banking Ombudsman Scheme 2006. The Integrated Banking Ombudsman Scheme, which went live on November, aims to improve the grievance resolution procedure for customers who have grievances against RBI-regulated firms. According to the PMO, the plan is built on a 'One-Nation Ombudsman,' with one portal, one email, and one address for customers to make complaints. Banks, non-banking financing firms (NBFCs), and non-bank prepaid payment issuers (PPIs) that are wallets each have their own Ombudsman. The RBI manages this through 22 Ombudsman offices around the country. To make the grievance redressing procedure easier and more efficient, they will be combined into a single centralised framework. What This Means for Bank Clients A grievance redressal process would also boost customer trust in the country's digital infrastructure, especially among the marginalised and rural people, where lack of network access creates a barrier in the form of rejected payments. Such national-level initiatives will considerably help in the permeation of digital payments and bring about dramatic changes as we grow as a digital-first nation.

Under the RBI Retail Direct Scheme, which Prime Minister Narendra Modi announced on Friday, retail investors may now purchase and sell central government securities and state government bonds directly. He claims that this provides a saral aur surakshit (easy and safe) option for the middle class, small business owners, and elderly citizens to participate directly in the government securities market. All G-Secs have "guaranteed settlement," which provides small investors with "excellent returns and capital safety," he said, adding that it will broaden the investor base and contribute funds to the government for infrastructure construction. At rbiretaildirect.org.in, investors may open and manage their accounts. He also announced the inauguration of the Integrated Ombudsman Scheme, which would allow roughly 44 million loan accounts and 220 million deposit accounts to raise any grievances with the RBI online.

The Edelweiss Recently Listed IPO Fund is an open-ended equity fund that invests in newly listed 100 businesses IPOs or forthcoming IPOs.  The fund, which invests in newly listed stocks, has outperformed the benchmark Nifty this year, thanks to exceptional debuts like as Zomato. The mutual fund has returned roughly 72.8% percent this year, exceeding gains of 24 percent for the NSE Nifty 50 Index as on date 23 November 2021. This fund offers an investment option that allows investors to invest in public issues that have recently or will soon be listed. Edelweiss Recently Listed IPO Fund is for people who wish to invest in the best forthcoming and recently listed IPOs and seek a concentrated exposure to IPOs with minimal investments, according to the fund's description.

What is a No Claim Bonus or NCB? No Claim Bonus or NCB is a reward given by an insurance company to an insured for not raising any claim requests during a policy year. If you do not make any claims for a few years consecutively, you can accumulate up to 50% discount on premiums. The NCB is a discount ranging between 20%-50% and is given to the insured while renewing a policy. The NCB discount is offered on the premium amount during renewal. NCB Calculation for Car Insurance Table shows the NCB slab on the number of claim-free years: Claim-free renewals (years) Discount on Premium On first claim-free renewal 20% On second claim-free renewal 25% On third claim-free renewal 35% On fourth claim-free renewal 45% On fifth claim-free renewal 50% Documents Required to Transfer NCB: Application for NCB transfer. Copy of the car’s insurance policy. Sales agreement. Booking receipt in the case of purchasing a new car. NCB certificate from the insurer. Benefits of NCB in Car Insurance: Positive rewards : NCB rewards you for being a responsible driver and keeping your car in a proper condition Easily transferable : NCB benefit can be ported to another car in case you change your vehicle Save on car insurance premium : NCB will help you save you at least 20% of your annual car insurance premium. Cancellation of NCB : When a claim had been made in a policy year, the policyholder will not be eligible for No Claim Bonus in the next annual year When the policy has not been renewed within 90 days from the expiration of the existing policy NCB will be allowed, if, the policy is renewed within 90 days of the expiry of the previous policy

CIF number stands for Customer Identification File Number and is 11 digit number which helps the bank to store all the personal information and account related information related to their customers. It holds very important role in modern day banking system as it helps the bank in functioning by way of assistance with all important information. Understanding Customer Identification File CIF is an acronym for Customer Identification File. It is one-of-a-kind number associated with a computerized file that includes all of the bank's customer's personal and account-related information. The digital file also known as CIF is represented by an 11-digit number. This file contains information about the customer's loans and Demat accounts. It also contains his KYC information. CIF - Other Points This number is printed by banks on the passbook. This number can also be accessed through ATM as well. CIF is sharable with only select people i.e. the bank and the account holder and nominees. It ensures that there is no mistake or fraudulent activity as this number is specific to each customer Often used as a marketing tool for new products and offers by commercial banks. CIF can be used by the account holders to collect information from online portals, passbooks. The digital file also known as CIF is represented by an 11-digit number. Banks provide toll-free numbers where you can call and follow their guidelines to know your Customer Information File number.

Now you can generate your ATM PIN, which is also the debit card PIN of your choice, quickly and effortlessly. Choose from any of the following channels to generate your debit card PIN : 1. Internet Banking: Login to your bank's Internet Banking account with your User ID and password. Choose Debit Card PIN and click on 'Generate now' Select your Debit Card number from the list of debit cards linked to your account Enter the 3 digit CVV number printed on the back side of the card near the signature panel A One Time Password (OTP) will be sent to your registered mobile number Enter the OTP on the page and submit Create and confirm your new ATM PIN. 2. ATM Visit the nearest ATM Choose ‘Generate ATM PIN’ option and click on ‘Generate OTP’ Enter your registered mobile number and select ‘Yes’ Follow the further identification process Enter a 4 digit debit card PIN of your choice and confirm your new ATM PIN. 3. Phone Banking Sign up for the bank's app in your phone or dial the telephone number provided to you, and connect with the operational member to activate your debit card Pin Once successfully connected, follow all the instructions.

Do you know which is the safest tax-free savings scheme in India? The answer is not tough. It's the Public Provident Fund (PPF). Introduced in 1968, the sole aim of this scheme was to offer investors a way to save money and grow their wealth in time with high returns. Another benefit of the PPF is related to income tax returns. Any balance in PPF is not subjected to wealth and income tax! List of Forms Associated with PPF Scheme Forms Meaning Form A To open a PPF account Form B To make a deposit into account/make repayment of loan Form C To obtain the partial withdrawal Form D To request a loan Form E For making a nominee Form F For making changes to the account details Form G To claim funds in the account by legal heir/nominee Form H For extending the tenure of the account The ABC of Form H The main purpose of Form H is to extend the tenure of the account. The account after the tenure of 15 can be extended in the block of 5 years. Form H is required for selecting whether fresh contributions to be added to the account or not. By this manner new contributions can be added to the already existing account. Interest can also be gained on the same. Importance of Form H Account holder can withdraw the amount after the maturity of 15 years. At the same there are other options which are also available to the account holder. In case, there is no update regarding the withdrawal after maturity, the account gets extended further as it is assumed that the account holder wanted to extend the tenure. This process takes place even without filling of Form H. No fresh contributions can be made to the PPF Account without filling of the Form H. The form needs to be filled 1 year prior to that of the PPF maturity. In case of absence of Form H, it will be a problem for the purpose of tax benefits as any interest or fresh deposit will be treated as void. Where to Find Form H? Form H for the PPF purpose can be downloaded from bank's official website. Also the same can be downloaded from the website of Post Office. The same can be filled accordingly submitted for further process.