According to PTI news, the RBI Governor said that we need to ensure that once the customer has submitted the documents to the financial institution, we do not insist on getting the same documents again. The Governor reminded of the competition in the industry and said that banks need to improve customer service, not only because it is their duty to do so, but also because it is in their own interest.

Calling repeatedly was described as an unavoidable inconvenience

According to the news, the governor clarified that submitting documents to a financial regulator’s overseeing entity makes it possible for other people to access them from the same database. He described repeated requests as an inevitable inconvenience. He regretted that most banks and NBFCs have not allowed their branches or offices to access information from the central database, due to which customers have to face inevitable inconvenience. This can be facilitated in advance. It will be in the interest of all.

Bank customers are constantly complaining

This comment from the central bank comes at a time when bank customers are complaining of inconvenience due to repeated requests to re-submit KYC. Such complaints are constantly coming on social media platforms. Malhotra warned banks against miscategorizing customer complaints. He said that doing so is a gross regulatory violation. He said that banks received 1 crore customer complaints in FY 2024 and if complaints against other regulated entities are included, this number will increase further. The governor said that 57 percent of these required mediation or intervention by the RBI Ombudsman. He said that you all will agree that this is a highly unsatisfactory situation and we need to pay immediate attention to it.

Banks need to improve their customer service

He advised the leadership of banks, from managing directors to branch managers, to take out time every week for grievance redressal. Malhotra said this is a must for all banks. He said if such issues are left unresolved, they can undermine consumer confidence and spoil the entire ecosystem. He emphasised that complaints should not be seen as a nuisance. It is important to avoid repeated complaints as they highlight systemic flaws.

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What is eNPS?

eNPS is a digital platform through which Central, State Government employees as well as employees of government related institutions can open their NPS account. Any government employee can open his/her ENPS account in two ways. First – Through Aadhaar online and offline KYC. Second- Through PAN card along with other KYC documents. 

 What will be the benefit of eNPS? 

• PFRDA has stated many benefits of the eNPS platform. 
• Onboarding of government employees will be easier than before.
• Through this, the nodal officer will be able to do verification easily.
• Through eNPS, the work of the nodal officer will become easier and as it is paperless, it will also take less time. 
• In this, registration can be done only by esigning through OTP. 
• Due to digitalization the cost of opening an NPS account will reduce. 
• Due to online process, PRAN will be generated on time and due to this, we will be able to ensure contribution on time. This will increase your chances of getting higher returns. 
• Due to online process, the possibility of cancellation will also reduce. 
• This will reduce logistics costs. In physical form, the forms are first submitted to the nodal officer by the subscriber. After this the nodal officer submits it to CRA-FC. 

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If you do not do this, then later you may have to face big trouble. Actually, Bank of Baroda (BoB) has issued instructions to its account holders to get Central KYC (C-KYC) done. If you have not completed this work, then go to the bank immediately and complete this work.

Bank gave information by tweeting

By tweeting about this from its official Twitter handle, the bank has told that all the customers who have been called by the bank for notice, SMS or C KYC, should go to the bank and submit their KYC documents. You have to do this work before March 24, 2023. If you have completed this task then ignore this message.

What is Central KYC?

Now customers do not need to do KYC again and again for all the tasks like opening account, buying life insurance, opening demat etc. Now all the works can be completed after getting KYC done only once. The bank submits the records of C-KYC to its customers in digital format.

pic.twitter.com/HZOMQN9pbJ

— Bank of Baroda (@bankofbaroda) March 13, 2023

After this, a customer does not have to do KYC for different purposes and banks match the information with the central KYC. By matching this data, the bank or any institution finds out whether the KYC rules have been fulfilled or not. It is worth noting that CERSAI does the work of managing the Central KYC. In this case, only KYC related information of the customer can be obtained from this number only.

Failure to complete Central KYC can result in huge losses.

If you do not complete the Central KYC, your account may be deactivated. In such a situation, if you have not yet completed this work, then complete it as soon as possible. With this you will not have to face trouble later.

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Because the transfer process of this account has been made even easier. For this, you have to first give a Sukanya Yojana transfer request to your current bank or post office by entering the address of the new bank branch. Balance in Sukanya Accounts and for account transfer will send the certified copy of the existing bank or post office account, account opening application, signature etc. along with original paperwork to the new bank branch address along with a check or money order

As per the ICICI Bank website, after receiving the transfer documents at the ICICI Bank branch, the customer needs to submit a new Sukanya account opening form along with a fresh set of KYC documents. After this your Sukanya account will be transferred. Under the new process, now the account holder will not have to worry.

So much interest is being received in Sukanya Yojana

The government has increased the interest rates of some small savings schemes for the January-March 2023 quarter. However, there has been no increase in the interest rates of PPF and Sukanya Samriddhi Yojana for this quarter. So far 7.6 percent interest is being given on Sukanya Yojana. The process of transferring the account of Sukanya Yojana has become very easy and simple.

Explain that Sukanya Samriddhi Yojana (SSY) is being run especially to benefit girls. This scheme helps parents to secure their girl child’s higher education or marriage as well as her financial future, as it provides guaranteed interest income and tax exemption.

Documents required to open Sukanya account

• Sukanya account opening form.
• Birth certificate of the girl child, on which the name of the child is mentioned.
• Photograph of the parent/legal guardian of the girl child.
• KYC documents (identity and address proof) of the parent/guardian.

Benefits of Sukanya Yojana

1. The age of daughters should not be more than 10 years at the time of opening the account.
2. Account maturity period is up to 21 years from the date of opening of the account.
3. Maximum period for which deposits can be made – 14 years from the date of opening of the account.
4. Applicable under section 80C of the IT Act 1961. Triple Tax Benefit – The principal amount, the interest earned as well as the maturity amount are tax free.
5. The account can be closed in the event of the death of the depositor or in situations involving strong compassionate justification such as the need for medical care for life-threatening conditions.
6. A fine of Rs 50 per year will have to be paid along with the minimum amount per year.
7. After the age of 18 years, up to 50% of the amount in the account can be withdrawn for the purpose of marriage. The rest of the money can be withdrawn on completion of 21 years.

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Now the 11th month i.e. November is starting from tomorrow. At the beginning of every new month, some new changes come about which we keep informing you from time to time. These changes are related to your pocket-life and need. This time there are some economic changes that can have a direct impact on you. Let us know about these changes.

KYC mandatory for health and general insurance claims from November 1

The Insurance Regulatory and Development Authority of India () may make it mandatory for insurers to provide KYC (Know Your Customer) details from November 1. As of now, it is voluntary to provide KYC details while buying a non-life insurance policy which may be made mandatory from November 1. Rules related to KYC can be made mandatory for both new and old customers. Under this, if you do not present KYC documents while making an insurance claim, then your claim can be rejected.

Gas cylinder prices will change

On the first day of every month, there is a change in the prices of LPG gas cylinders by the petroleum companies. In such a situation, on November 1, new prices of LPG gas cylinders will be released by the oil companies. On November 1, the prices of both 14 kg domestic and 19 kg commercial gas cylinders may change. On the first of this month also, the prices of commercial gas cylinders were cut.

New timing of trains

There is also going to be a change in the time table of trains from November 1. Indian Railways is going to change the time table of trains across the country. Earlier, there was going to be a change in the time table of trains from October 1, but due to some reasons, the date of October 31 has been fixed further. Now the new time table will be implemented from 1st November. After this, the timings of 13 thousand passenger trains and 7 thousand on goods trains will change. Timings of about 30 Rajdhani trains running in the country will also change from November 1.

Subsidy on electricity will stop

The people of the capital Delhi will stop getting subsidy on electricity from October 1. In fact, now the people of Delhi have to register 947 to get 200 units of free electricity for a month. The last date for registration is 31 October. In such a situation, those who are not able to register will not be able to get the benefit of electricity subsidy in October.

OTP to be given for gas cylinder booking

From November 1, the process related to the delivery of LPG cylinders is also going to change. After booking the gas, an OTP will be sent to the mobile number of the customers. When the cylinder comes for delivery, you will have to share this OTP with the delivery boy. Once this code is matched with the system, the customer will only get the delivery of the cylinder.

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