Banking Notes- MONEY and Its Types

Money is a thing that is usually accepted as payment for goods and services as well as for the repayment of debts.

                        

RTGS

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.

One Liners of Banking Awareness Part-I

  One Liners of Banking Awareness Part-I

RBI is the Central bank of India
o    RBI was setup on the recommendations of Royal Commission on Indian Currency and Finance also known as the Hilton- Young Commission.
o    RBI has 4 regional offices at Mumbai, Kolkatta, Chennai and Delhi.

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.

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