Page 35 - Banking Finance April 2020

ARTICLE

Y The complain can be made by the complainant or the Y After receiving the award, the complainant have to send
authorized representative (except advocate) of acceptance of award to the service provider concerned
complainant. within 30days otherwise the award have no effect.
Y Any complain forwarded by Govt.of India or RBI will also Y After receiving the acceptance of award by
be considered for redressal by Ombudsman of Digital complainant, the service provider have to comply the
Transactions. award within 30 days.
Y The complain must have following details:
o The name and address of complainant Appeal
o The name and address of head office/branch of Y The Appellate Authority for the award is Deputy
service provider Governor, RBI (In-Charge of the Deptt.of Ombudsman
o Facts /reason of complain with all available of Digital Transactions).
documentary evidence Y Appeal against the award can be made to Appellate
o The nature & extent of loss with relief sought for Authority within 30 days from the date of receipt of
o No fee or charge is payable for the filling of communication of award/rejection of complaint.
complain Y Any one of parties of complain, can go to Appellate
Authority against the redressal of the complain .
System of Redressal of complain
Y The Appellate Authority shall, after giving the
The Ombudsman of Digital Transactions will send notice to
all parties after receiving the complain. The Ombudsman go reasonable opportunity to parties
a. Dismiss the appeal.
through the re-presentation/evidence of parties and will try
to resolve the dispute though b. Allow the appeal and set aside the award.
Y Settlement by agreement between parties. c. Modify the award and pass a new direction/order.
Y Settlement by conciliation and mediation between d. Refer the matter to Ombudsman of Digital
parties. transaction for fresh disposal.
Y Passing an award as per the provision of scheme.
Y The maximum award amount is Rs20.00 lakhs. Disclaimer:
Y In addition to this Ombudsman can award Rs1.00 lakh Information from various publics sources have been utilized
for the loss, expenses and mental harassment. for writing this article. T

PFRDA to add 1-1.2 mn subscribers by end of FY20, says chairman

Pension Fund Regulatory and Development Authority of India is expected to add around 10-12 lakh new subscribers to
its two pension schemes in the current fiscal ending March, newly-appointed Chairman Supratim Bandyopadhyay said.By
March-end, the pension fund regulator, which runs Atal Pension Yojana (APY) and National Pension System (NPS), is
expected to have nearly 3.48-3.50 crore subscribers on board. Total number of subscribers under the two schemes
were around 3.38 crore as of February 22, 2020.

"By the end of the fiscal if you look at APY, there may be another close to 8-10 lakh additions and another 1-1.5 lakh
for NPS. So all taken together, around 10-12 lakh new customers should join our fold by March-end," Bandyopadhyay
said. Total asset under management (AUM) for these 337.63 lakh subscribers stood at Rs 4,21,336 crore as on Febru-
ary 22, 2020, according to the PRFDA data.

Bandyopadhyay, who took charge on February 21, 2020, was the Whole Time Member (Finance) in the PFRDA for two
years. Earlier to this, he was with the Life Insurance Corporation (LIC) for around three-and-a-half decades. He is a
science graduate and a qualified Chartered Accountant.

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