The banking ombudsman scheme enables an expeditious and inexpensive forum to bank customers for resolution of complaints relating to certain services rendered by banks.
The unit trust of India(UTI) was established on 1st February 1964 under the ‘’Unit Trust of India Act, 1963’’ by the government of India.
It was established as a wholly-owned subsidiary of IDBI under the small industries development bank of India Act Oct 1989 as the principal financial institution for promotion, financing & development of industries in the small scale sector.
National bank for agriculture and rural development, more popularly known as NABARD was established by an ACT of parliament on 12th July 1982 to implement the national bank for agriculture and rural development act, 1981.
RRBs are oriented towards meeting the needs of the weaker sections of the rural population consisting of small & marginal farmers, agricultural laborers, artisans & small entrepreneurs.
The industrial development bank of India limited commonly known by its acronym IDBI. It is one of India’s leading public sector banks and 4th largest bank in overall ratings. RBI categorized IDBI as an “other public sector bank”. It was established on July 1, 1964.
The state finance corporations (SFCs) are an integral part of institutional finance structure in the country. SFC promotes small and medium industries of the states.
Which is registered in the second schedule of the reserve bank of India 1934. It includes these banks, which have a paid-up capital and reserve of an aggregate value of not less than 5 lakh and must satisfy the criteria laid down under section 46(6)(a) of the act.
A bank is like a pool into which the flow of savings, the idle surplus money of households and from which loans are given on interest to individuals and others who need them for investment or productive uses.
A banking company means any company, which transacts the business of banking. Banking means accepting for the purpose of lending of investments of deposits of money from the public, payable on demand or otherwise and withdrawal by cheque, draft order or otherwise.