Q1. What is RTGS System?
Ans. The acronym 'RTGS' stands for Real Time Gross Settlement,
which can be defined as the continuous (real-time) settlement of funds
transfers individually on an order by order basis (without netting).
'Real Time' means the processing of instructions at the time they are
received rather than at some later time; 'Gross Settlement' means the
settlement of funds transfer instructions occurs individually (on an
instruction by instruction basis). Considering that the funds settlement
takes place in the books of the Reserve Bank of India, the payments
are final and irrevocable.
Showing posts with label Banking Notes. Show all posts
Showing posts with label Banking Notes. Show all posts
Banking Ombudsman, 2006
1. What is the Banking Ombudsman Scheme?
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 Scheme is introduced under Section 35 A of the Banking Regulation Act, 1949 by RBI with effect from
1995.
2. Who is a Banking Ombudsman?
The Banking Ombudsman is a senior official appointed by the Reserve Bank of India to redress customer complaints against deficiency in certain banking services.
One Liners of Banking Awareness Part-II
o The first banknote issued by independent India wa the one rupee note issued in 1949
o KYS is an acronym for Know Your Customer a term used for customer identification process.
o KYC has two components- Identity and address
o Commercial Paper(CP) is an unsecured money market instrument issued in the form of a promissory note
o Commercial Paper(CP) was introduced in India in 1990.
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