One nation one Lokpal: The Reserve Bank of India (RBI) is preparing to bring a single system across the country for the resolution of consumer complaints. RBI Governor Shaktikanta Das on Friday announced to bring resolution of consumer complaints under a Lokpal. At present, there are three schemes for redressal of grievances. There are three different dedicated Ombudsman i.e. Ombudsman schemes in banking, non-banking finance companies and digital transactions for resolving consumer complaints. The RBI aims to bring an e-integrated scheme by June 2021.
RBI Governor Shaktikanta Das said, “To make the alternative dispute resolution system easier and more responsive to the customers, it has been decided to implement the ‘One Country, One Lokpal’ system by unifying three different Lokpal schemes. He said that the objective of this initiative is to provide a unified scheme for complaints to customers of banks, NBFCs and non-banking companies. It will have a centralized system. ”
Das says that in order to protect the interests of customers, there have been significant policy changes in all jurisdictions and the RBI is taking many more initiatives in this direction. CMS operated a complaint management system with the Reserve Bank.
Repo rate remains at 4%
The Reserve Bank of India (RBI) has kept the repo rate at 4 per cent in the bi-monthly meeting of the Monetary Policy Committee (MPC). All the members of the MPC unanimously decided not to change the interest rates. While announcing the policy, RBI Governor Shaktikanta Das said that the MPC has unanimously decided to keep the repo rate unchanged. The RBI governor has predicted a GDP growth rate of 10.5 per cent for the fiscal year 2021-22. Also, in the fourth quarter of the current financial year, the target of retail inflation has been revised to 5.2 per cent.
Repo rate is the rate at which RBI gives loans to banks. Explain that this is the first policy of RBI after presenting the budget of FY 2021-22. The six-member MPC meeting began on Wednesday 3 February. The Central Bank has cut the repo rate by 1.15 percent since February last year.
