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The banking system is the backbone of the economy of a country. The banks also play a crucial role in day to day life of the citizens.
There are three options available to complain in the Banking Ombudsman, in case you have any grievance or complaint regarding any mischief or deficiency in banking services. In this article, I will guide you on how to lodge a complaint in Banking Ombudsman. But, before I go-ahead, you need to ensure certain things as follows.
First, you need to ensure that have you filed a complaint to your concerned bank as soon as you face any deficiency or mischief/loss.
“The Banking Ombudsman refers to the senior officials appointed by the Reserve Bank of India (RBI) to resolve the complaints against the certain services rendered by the scheduled commercial banks, RRBs Scheduled Primary Cooperative Banks.”
The Reserve Bank of India may appoint one or two of its officials typically the Chief General Manager or General Manager Rank as a Banking Ombudsman for the period of maximum 3 years.
In this article, we will discuss the difference between CRR and SLR but before I start let us understand some theory behind cash reserve ratio and statutory liquidity ratio.
The Central Bank of India ie. Reserve Bank of India (RBI) regulates the supply of money in the economy through its monetary policy to control the rate of inflation, recession in the economy. Both CRR and SLR are the instruments of monetary policy of RBI which are exercised to control the flow of funds in the market and also to overcome the recession.
Although both Pledge and Hypothecation are the modes of creating a charge over movable assets/properties of the borrowers to back up the loans/debts. However, there is some key difference between pledge and hypothecation.
The banks or financial institutions/companies pledge the goods of a borrower as collateral against the loans sanctioned to the debtor.
Hypothecation is one of the modes of creating a charge on security to secure the debts/advances. So let us discuss the meaning and definition of Hypothecation in banking.
Whenever an individual or firms need a loan/debt from any banks or financial institution, he has to provide some security/assets against the secured debt/loan. There are mainly two types of securities/ assets (Movable or Non-movable properties) which can be pledged to acquire a loan from any financial companies or banks.
