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Banking Ombudsman is a quasi-judicial authority created in 2006, and the authority was created pursuant to a decision made by the Government of India to enable resolution of complaints of customers of banks relating to certain services rendered by the banks.
The Banking Codes and Standards Board of India (BCSBI) [1] is an independent banking industry watchdog that protects consumers of banking services in India.The board oversee compliance with the "Code of Bank's Commitment to Customers".
In January 2019, SBI exposed customer data, including mobile numbers, partial account numbers, balances and transaction details from an unprotected server in its Mumbai data center. [ 22 ] [ 23 ] The server hosted SBI's " SBI Quick " service, a text and call based system to provide inquiring customers with updates on account balances, recent ...
He was the chairman of the Goiporia Committee, which made several important recommendations to improve the level of customer service in Indian banks. As a result of the committee's recommendations, all Indian banks are required to maintain a customer complaint book with adequate pages for recording complaints. [3]
Card-not-present transactions are a major route for credit card fraud, because it is difficult for a merchant to verify that the actual cardholder is indeed authorizing a purchase. If a fraudulent CNP transaction is reported, the acquiring bank hosting the merchant account that received the money from the fraudulent transaction must make ...
Metro gates, public transport buses, parking, etc., without PIN for small transactions. Since enabling NFC for offline NCMC wallet also enabled NFC for online PoS machines, there is a risk of unauthorized transaction on a stolen card. Thus the limit of online NFC transactions should be kept low to prevent transactions without PIN.
The system achieves final settlement of interbank funds transfers on a continuous, transaction-by-transaction basis throughout the processing day. Customers can access the RTGS facility between 09:00 to 16:30 (Interbank transactions up to 18:30) on weekdays and 09:00 to 14:00 (Interbank transactions up to 15:00) on Saturdays.
National Payments Corporation of India (NPCI) is an Indian public sector company that operates retail payments and settlement systems in India. The organization is an initiative of the Reserve Bank of India (RBI) and the Indian Banks' Association (IBA) under the provisions of the Payment and Settlement Systems Act, 2007, for creating a robust payment and settlement infrastructure in India.