SEBI has vide its circular dated 14th October, 2021 opened up the SCORES platform for companies intending to list its securities on the main board as well as on the SME/ Debt platform of the exchanges.
In case of listing on main board, the Draft red herring prospectus (DRHP) should have been filed with SEBI and in case of SME/ Debt platform, either an application to list its securities has been submitted or in-principle approval has been obtained from the stock exhanges. Only after these events has taken place, can an intending company get the SCORES registration done. The compliance officer of the company should submit a declaration signed by him and attach it with the online application.
The Government on 2nd March 2021 notified comprehensive amendments to the Insurance Ombudsman Rules, 2017, with a view to improve the working of the Insurance Ombudsman mechanism to facilitate resolution of complaints regarding deficiencies in insurance services in a timely, cost-effective and impartial manner.
The amended rules have enlarged the scope of complaints to Ombudsmen from only disputes earlier to deficiencies in service on the part of insurers, agents, brokers and other intermediaries. Further, insurance brokers have been brought within the ambit of the Ombudsman mechanism, by empowering the Ombudsmen to pass awards against insurance brokers as well.
Under the amended rules, the timeliness and cost-effectiveness of the mechanism has been substantially strengthened. Policyholders will now be enabled for making complaints electronically to the Ombudsman and a complaints management system will be created to enable policyholders to track the status of their complaints online. Further, the Ombudsman may use video-conferencing for hearings. To enable access to relief through the Ombudsman mechanism even when there is vacancy in the office of a particular Ombudsman, provision has been made for giving additional charge to another Ombudsman, pending the filling of the vacancy.
A number of amendments have been made for securing the independence and integrity of the Ombudsman selection process, while also building in safeguards to secure the independence and impartiality of the appointed persons while serving as Ombudsmen. Further, the selection committee will now include an individual with a track record of promoting consumer rights or advancing the cause of consumer protection in the insurance sector.
The Ombudsman mechanism was administered by the Executive Council of Insurers, which has been renamed as the Council for Insurance Ombudsmen.
RBI circular dated 27th January, 2021 on strengthening the grievance redressal mechanism in banks. Details are in the above circular.
Does’nt look like much because banks are being asked to give more disclosures on complaints against banks, recovery of costs from banks for the complaints received against them, undertaking intensive review of the grievance redressal mechanism and supervisory action against banks that fail to redress customer grievances.
For me, it looks like eyewash to fool the gullible public, because banks are totally insensitive to customer grievances. They just don’t care as long as their salaries are given to them.
In my office complex there is on ATM machine of Bank of Baroda, every time i go there to withdraw money, it asks for all the details including the PIN and the amount and then comes the message “unable to dispense cash now”. Bloody hell, if there is no cash in the machine, then why does it not pop a message immediately on inserting the card. Secondly i have tweeted against this to BOB and their MD numerous times, yet nothing seems to move them. They just don’t care.
Now after the merger of public sector banks, the internet banking portals of banks have gone haywire. Allahabad Bank has merged with Indian Bank. Post merger, i find the Indian bank site acting very funny, sometime it loads, and sometimes it does’nt login at all. After login the site hangs up frequently, and that too after entering the transaction password. How the hell are we supposed to do any digital transaction if such is the situation. The so called Digital India initiative of the PM is all crap. Backend infrastructure is all lousy. Again i have tweeted numerous times to the Indian with cc to RBI, but nary any action on this matter.
These are just two of the instances of rotten customer service by banks that come to my mind immediately. I am sure there will be many.