36,539 Nos ATM / Debit Card Related Complaints by Bank Customers in 2019

36,539 Nos ATM / Debit Card Related Complaints by Bank Customers in 2019

ATM / Debit Card related complaints increased by 18% in the financial year 2018 – 2019.

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Total ATM / Debit card related complaints received in 2018-19 increased by over 11,500 to 36,539 in 2018-19. This amounted to 18.65% of the total complaints received under Reserve Bank of India (RBI) Ombudsman scheme in 2018-19, according to a report released by RBI.

The total number of ATM / Debit Card related complaints made by consumers was 24,672 in the last year i.e 2018. The report says that 53% of the total ATM / Debit Cards complaints received by the ombudsman were of  ‘Account debited but cash not dispensed by ATMs’ sub-category.

Despite repeated cautions by the Reserve Bank of India to banks on mis-selling of financial products, customers see no end to their plight, data cited by the RBI showed on today.

The banking ombudsman received 1,115 complaints from bank customers related to mis-selling of products in
2018-19, close to double of what it received in 2017-18.

Reserve Bank of India has asked all the banks to waive charges levied for NEFT for online transactions, with a view to boost digital payments.

State Bank of India chairman Rajnish Kumar said it will take up to 3 years more to list its general insurance arm. The bank will list its asset management Co before SBI General Insurance. SBI had last year listed its life insurance arm and the proceeds came  in handy to fight difficulties in asset quality. It is also planning to part-sell its stake in SBI Cards.

Noted banker Uday Kotak said the country’s financial system is currently in a Darwinian mode as only the fittest lenders are able to survive. According to him, the government has to “rework” the Financial Resolution Deposit Insurance (FRDI) Bill since an exit route is essential for troubled lenders.

As pe the Annual Report, Life Insurance Corporation of India had no pending grievance despite 102,127 complaints being filed in 2018-19.

BSNL said that as many as 78,569 employees have opted for VRS, and added that it expects to save Rs 1,300 crore in wage bills this fiscal after the scheme becomes effective in January.

India’s banks are set for a Rs. 760 Crores earnings windfall this month as the country’s bankruptcy court  has made sudden progress in clearing a backlog of large cases. They are expected to benefit from the recovery process from four failed companies – Essar Steel India Ltd., Prayagraj Power Generation Co., Ruchi Soya Industries Ltd. and RattanIndia Power Ltd. – which should be completed in December, according to people familiar with the matter. Among the largest beneficiaries are SBI, IDBI Bank, Bank of India, Canara Bank and Bank of Baroda.

The Central Government has set an ambitious Rs 1.1 lakh crore monthly GST target for the remaining four months of the current fiscal and asked taxmen to step up efforts to achieve the goal.

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