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Index/Reports Issued by different organizations in World

  1. World Economic Outlook is published by: International Monetary Fund (IMF).
  2. Global Hunger Index is issued by: International Food Policy Research Institute
  3. Global Peace Index is issued by: Institute for Economics and Peace
  4. Global Corruption Index is issued by: Transparency International
  5. Global Competitiveness Index is issued by: World Economic Forum
  6. Human Development Report is issued by: United Nations Development Programme (UNDP)
  7. Gender Inequality Index is issued by: United Nations Development Programme (UNDP)

Important Points

  1. About IFSC (Indian Financial System Code): Indian Financial System Code is an alpha-numeric code that uniquely identifies a bank-branch participating in the NEFT system.
    1. This is an 11 digit code with the first 4 alpha characters representing the bank, The 5th character is 0 (zero).and the last 6 characters representing the bank branch.
    2. IFSC is used by the NEFT system to identify the originating / destination banks / branches and also to route the messages appropriately to the concerned banks / branches.
      For ex: SBIN0015986 :
      1. First 4 character SBIN – refers to State Bank of India.
      2. 0 is a control number.
      3. last six characters (015986) represents the SBI branch Jail Road, Hari Nagar New Delhi.
  2. About MICR : MICR stands for Magnetic Ink Character Recognition. MICR Code is a 9 numeric digit code which uniquely identifies a bank branch participating in the ECS Credit scheme. MICR code consists of 9 digits e.g 400229128
    1. First 3 digits represent the city (400)
    2. Next 3 digits represent the bank (229)
    3. Last 3 digits represent the branch (128)
      The MICR Code allotted to a bank branch is printed on the MICR band of cheque leaves issued by bank branches.
  3. About Cheque Truncation: 
    1. Truncation is the process of stopping the flow of the physical cheque issued by a drawer at some point with the presenting bank en-route to the drawee bank branch.
    2. In its place an electronic image of the cheque is transmitted to the drawee branch by the clearing house, along with relevant information like data on the MICR band, date of presentation, presenting bank, etc.
    3. Cheque Truncation speeds up the process of collection of cheques resulting in better service to customers, reduces the scope for clearing-related frauds or loss of instruments in transit, lowers the cost of collection of cheques, and removes reconciliation-related and logistics-related problems, thus benefitting the system as a whole.
  4. Bancassurance: The sale of insurance and other similar products through a bank. This can help the consumer in some situations; for example, when a bank requires life insurance for those receiving a mortgage loan the consumer could purchase the insurance directly from the bank. 
  5. About Banking Ombudsman Scheme 2006: 
  6. The Banking Ombudsman Scheme enables an expeditious and inexpensive forum to bank customers for resolution of complaints relating to certain services rendered by banks.
    • The Banking Ombudsman is a senior official appointed by the Reserve Bank of India to redress customer complaints against deficiency in certain banking services.
    • All Scheduled Commercial Banks, Regional Rural Banks and Scheduled Primary Co-operative Banks are covered under the Scheme.

Other Important Points

  • The complainant can be filed by one’s authorized representative (other than an advocate).
  • The Banking Ombudsman does not charge any fee for filing and resolving customers’ complaints.
  • The amount, if any, to be paid by the bank to the complainant by way of compensation for any loss suffered by the complainant is limited to the amount arising directly out of the act or omission of the bank or Rs 10 lakhs, whichever is lower.
  • The Banking Ombudsman may award compensation not exceeding Rs 1 lakh to the complainant only in the case of complaints relating to credit card operations for mental agony and harassment.
  • If a complaint is not settled by an agreement within a period of one month, the Banking Ombudsman proceeds further to pass an award. Before passing an award, the Banking Ombudsman provides reasonable opportunity to the complainant and the bank, to present their case.
  • If one is not satisfied with the decision passed by the Banking Ombudsman, one can approach the appellate authority against the Banking Ombudsmen’s decision. Appellate Authority is vested with a Deputy Governor of the RBI.
  • If one is aggrieved by the decision, one may, within 30 days of the date of receipt of the award, appeal against the award before the appellate authority.
  • The appellate authority may, if he/ she is satisfied that the applicant had sufficient cause for not making an application for appeal within time, also allow a further period not exceeding 30 days.

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