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Answer:
As we all know, RBI (Reserve Bank of India) is the central banking institution that controls the monetary policy of the Indian rupee. To understand the functioning of India’s apex banking institution, let’s first take a look at some of its main functions. Here we go:
Banking licence issuer
According to Sec 22 of Banking Regulation Act, before starting operations in India, every bank needs to obtain a licence from RBI.
Monetary authority
To stabilise the exchange rate, attain financial stability, maintain a balance of payment and control inflation, RBI controls the flow of money in the Indian economy.
Currency issuer
In order to maintain and run the currency and credit system, RBI has the authority to issue currency. It also includes keeping a track on the circulation of fake currency throughout the country.
Banker for the government
RBI provides short-term credit to both central and state governments. It also acts as the financial advisor for the government.
Bank’s bank
Banks can get loans issued from RBI. They can also keep their collaterals as security and borrow money in case of a crisis.
Foreign exchange manager
RBI is the custodian of Forex. It administers and enforces the provision of Foreign Exchange Management Act (FEMA), 1999. Additionally, it also buys and sells foreign currency to maintain the exchange rate of Indian rupee v/s foreign currencies.
Additional Reading: RBI Maintains Status Quo
These are just a few of the major roles played by RBI. Apart from these, RBI also looks into consumer complaints. Have you ever been in a situation where you desperately want to lodge a complaint against your bank but have no idea on how to go about it? Whether it’s a nationalised bank or a private sector bank, you can lodge a complaint against them in case you’re dissatisfied with their service.
Have You Heard Of The RBI Banking Ombudsman?
The RBI Banking Ombudsman Scheme was created in 2006 to enable people/customers to file their complaints to resolve banking issues they face. The main objective of this scheme is to enable resolution of complaints relating to certain services rendered by banks and to facilitate the satisfaction or settlement of such complaints.
The Banking Ombudsman is a person appointed by the Reserve Bank of India, who has quasi-judicial (tribunal board which has legal powers) authority.
All commercial banks, regional rural banks, co-operative banks, and public sector and nationalised banks are covered under the Ombudsman scheme. In fact, many popular banks like SBI have set up a dedicated system to address online complaints. Presently, there are 15 banking Ombudsmen who have been appointed with offices, most of which are in the state capitals.
Additional Reading: RBI’s New Relaxed Rules For Opening Bank Accounts!What Are The Types Of Complaints?
You can approach the RBI Banking Ombudsman to register a complaint under the following categories:
Non-payment or inordinate delay in the payment or collection of cheques, drafts, bills etc.Non-acceptance, without sufficient cause, of small denomination notes tendered for any purpose, and for charging of commission in respect thereof.Non-acceptance, without sufficient cause, of coins tendered and for charging of commission in respect thereof.Non-payment or delay in payment of inward remittances.Failure