Page 54 - BANKING FINANCE NOVEMBER 2023

FEATURES

regulatory reporting requirements, requiring careful challenges associated with integrating technology while
consideration during the integration process. meeting regulatory expectations. By prioritising security,
compliance, vendor management, and addressing legacy
Technology adoption offers numerous opportunities for small system challenges, small banks can embrace technology
banks, empowering them to enhance efficiency, expand their effectively and deliver value to customers while staying
product offerings, and stay competitive in the evolving within regulatory frameworks. Finding the right balance
financial landscape. However, to fully leverage these between innovation and compliance will be the key to
opportunities, it is crucial for small banks to navigate the success for small banks. (Source: Business Line)

Financial Literacy: RBI Ombudsman Partners Bajaj Finance &

Bajaj Auto to create awareness on RBIOS, Fraud and Financial Literacy
The Office of the Reserve Bank of India Ombudsman Mumbai, in partnership with Bajaj Finance and Bajaj Auto Ltd, successfully
organised an extensive awareness program on the Reserve Bank Integrated Ombudsman Scheme (RBIOS), Fraud Awareness,
and Financial Literacy on October 19th and 20th, 2023 at the Bajaj Auto plant premises in Waluj (Aurangabad).

The program was graced by the presence of Mr. H S Verma, Deputy RBIO Mumbai II, Mr. Aniruddha Mallick, AGM RBIO
Mumbai II, and Mr. Akash Kabra, AM RBIO Mumbai II, along with Mr. Rinku Anand, Principal Nodal Officer, and his
dedicated team. In addition, numerous staff members from the State Bank of India (SBI) and approximately 300
enthusiastic participants actively participated in this learning initiative.

Mr. Verma emphasised the success of the RBIOS as an indispensable resource for the common man. He elucidated the
simple and cost-free procedure for filing complaints under the scheme, which can be conveniently done online at
cms.rbi.org.in

The RBI Integrated Ombudsman Scheme (RBIOS) serves as a free, swift, impartial, and efficient mechanism to address
issues that banks or other regulated companies fail to resolve within 30 days of receiving a complaint. Mr. Verma urged
participants to remain vigilant by monitoring their account activities through SMS and promptly reporting unauthorized
transactions to their respective banks.
He also stressed upon the importance of safeguarding personal information, such as the CVV number on credit cards, to
prevent potential losses if the card is lost or compromised. Mr. Verma warned against sharing sensitive data like bank
account numbers, debit card details, identification (ID), Personal Identification Number (PIN), or One-Time Password
(OTP) with anyone, particularly fraudsters who may request this information over the phone. Furthermore, he advised
recipients of SMS or email notifications about lottery winnings or draws not to send any money. Participants were also
encouraged to lodge complaints related to digital wallets, prepaid payment instruments, mobile banking, and electronic
banking, including cases of non-credit to merchants, refunds for failed/unsuccessful/unauthorized transactions, and more,
through the RBIOS online portal.

Representatives from Bajaj Finance, including Mr. Rinku Anand, Mr. Ankur Arora, and Ms. Megha More, addressed the
participants, sharing valuable insights and information. Mr. Mallick and Mr. Kabra urged all attendees to exercise caution
when using online banking and ATMs, advising against sharing PINs or OTPs with anyone. They also highlighted that
individuals can inquire about the status of their complaints or raise concerns by contacting the Reserve Bank Ombudsman
on the toll-free number 14448. The collaboration between the Reserve Bank of India Ombudsman Mumbai, Bajaj Finance,
and Bajaj Auto Ltd underscores their commitment to enhancing public awareness, financial literacy, and fraud prevention.
The event served as an important step in empowering individuals to protect their financial interests and seek prompt
resolution to any issues they encounter within the banking and financial sector.

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