- Chief Economic Advisor Raghuram Rajan will be the next Reserve Bank of India (RBI) Governor after incumbent D Subbarao retires in September.
- 50-year old Dr Rajan, a former International Monetary Fund (IMF) Chief Economist was appointed as the Chief Economic Advisor in the Finance Ministry in August last year. He is acclaimed for predicting the 2008 global financial crisis.
- The Indian rupee recovered dramatically on news of Dr. Rajan's appointment after it hit an all-time low of 61.80 and ended in the green at 60.77, wiping off all losses.
- Seeking to improve banking services and ensure speedy redressal of grievances of customers, the Reserve Bank of India has set up a working group to update the Banking Ombudsman Scheme, 2006.
- The working group, to be headed by senior RBI official Suma Varma, will also take into account recommendations of the Damodaran Committee on improvement of customer services in banks (Scheduled Commercial, Regional Rural, Co-operative Banks).
- The BOS covers grievances related with credit card complaints, internet banking, deficiencies in providing the promised services by bank and its sales agents, levying service charges without prior notice to the customers etc.
- In cases where monetary compensation is claimed by customers, the amount prescribed is the actual loss plus some nominal amount. But, in cases where the customer claims compensation for, say, mental harassment, it is being considered how much monetary compensation the Ombdusman can prescribe, the official adds.
