Current Affairs – June, 2019

What is RBI’s Complaint Management System?

The Reserve Bank of India (RBI) has launched Complaint Management System (CMS), on its website for facilitating RBI’s grievance redressal process.

About CMS

It is a software application launched by RBI for lodging complaints against any regulated entity with public interface such as commercial banks, urban cooperative banks (UCBs), Non-Banking Financial Companies (NBFCs).

Objective: To facilitate RBI’s grievance redressal process and also to improve customer experience in timely redressal of grievances.

Need: For maintaining trust and sustaining the confidence of consumers in the banking system and other financial service providers (FSPs), prompt and effective grievance redressal mechanism together with customers empowerment through education is must.

Features:

Keeping convenience of customers in mind, RBI has designed CMS in a way to enable online filing of complaints.

Targeted Solution: Once the complaint is registered it would be directed to appropriate office of Ombudsman or Regional Office of RBI.

Transparent Procedure: The application has the feature of keeping complainants fully informed via auto-generated acknowledgements and enabling them to track status of their complaints as well as to file appeals online against the decisions of Ombudsmen, where applicable. Thus help improving transparency in system.

Tracking: The application is also provided with various dashboards which will help RBI to effectively track progress in redressal of complaints.

Feedback: Complainants can also voluntarily share feedback on their experience in obtaining redressal thus helping the service provider to further improvise its services.

Way Ahead: CMS will be accessible on desktop and on mobile devices. In future, RBI also plans to introduce a dedicated Interactive Voice Response (IVR) system for tracking status of complaints.

RBI can leverage the data from CMS for analytics purpose, which can then be used for regulatory and supervisory interventions, if required.

Council of Europe restores Voting Rights of Russia

Parliamentary Assembly of the Council of Europe at Strasbourg (France) has voted in favour of restoring Russia’s voting rights, 5 years after they were revoked over its illegal annexation of Crimean Peninsula.

Key Highlights

Background: In 2014 following Russia’s annexation of Crimea, Russia was stripped of its voting rights. Russia then responded by boycotting assembly and since 2017 the country also refused to pay its share of 33 million Euro to human rights watchdog.

Recently, Russia had also threatened the assembly of quitting the body altogether if it is not allowed to take part in election of a new secretary general to body.

Vote: The Parliamentary assembly voted with 118 in favour and 62 against, and 10 abstentions. The voting was undertaken despite strong opposition from Ukraine.

Outcome: This move now paves the way for Russia to participate in election of a new secretary general for pan-European rights body.

About Council of Europe

It is European continent’s leading human rights organisation whose stated aim is to uphold human rights, democracy and the rule of law in Europe. The organisation is separate from European Union (EU).

It was established in 1949 with Headquarters in Strasbourg, France.

Objective: to achieve a greater unity between its members countries for purpose of safeguarding and realising ideals and principles which are their common heritage and also to facilitate their economic and social progress.

Members: It includes 47 member states (including 28 members of European Union).