Tag: complaints

RBI develops escalation matrix for redressal of complaints of SGB investors

Banking & Finance

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The Reserve Bank of India (RBI) has drawn up an escalation matrix for redressal of customer complaints of investors of Sovereign Gold Bond (SGB).

The central bank said nodal officer/s of the Receiving Office (RO), which include public sector banks and some private sector banks, will be the first point of contact for attending to the queries/complaints of their customers.

In case the issue is unresolved, an escalation matrix at the ROs will be used to resolve customer grievance.

“The investor may approach Reserve Bank of India at sgb@rbi.org.in if no reply is received from the RO within a period of one month of lodging the complaint or the investor is not satisfied with the response of the RO,” RBI said in a statement.

SGBs are government securities denominated in grams of gold. They are substitutes for holding physical gold.

Investors have to pay the issue price in cash and the bonds are redeemed in cash on maturity. The bond is issued by RBI on behalf of the Union government.

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Shareholders to file plaints against directors of Madgaum coop bank, BFSI News, ET BFSI

Banking & Finance

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Shareholders of the Madgaum urban cooperative bank on Sunday took a resolution to file criminal complaints against the board of directors of the bank and take legal action if FIRs are not registered.

Shareholders of Madgaum urban bank had the meeting after the AGM of Dec 26 that was adjourned to Jan 10 was cancelled by the BoD.

They also resolved to demand a list of defaulters and all details as promised in the AGM on December 26 within ten days.

If the list is not provided within the stipulated time, then the shareholders have resolved to gherao all directors at their place of residence or work to force them to resolve the crisis.

The shareholders stated that they must be provided with a list of movable properties, immovable and collateral securities and liquid cash with the bank as on date.

The staff of the bank must be reduced, especially contract staff, and the bank must cut down on its rent they stated.

The shareholders also resolved that the bank should resolve the locker issue by adopting an easy legal procedure as those who have lockers are facing a problem accessing them and stated that the bank must support them to find a solution to it as it doesn’t come under the purview of the RBI.

The shareholders appealed to directors to support them and inform them of the discrepancies of other directors instead of hiding it from them.



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