Economy News-Daily Digest: 5 Key Updates
1. RBI: Internal ombudsman mandatory for banks with over 10 branches
The Reserve Bank of India (RBI) asked all scheduled commercial banks with over 10 branches to appoint an internal ombudsman (IO). The central bank has, however, excluded Regional Rural Banks (RRBs) from appointing ombudsman.
The implementation of IO Scheme, 2018 will be monitored by the bank’s internal audit mechanism apart from regulatory oversight by RBI.
The scheme was introduced to strengthen the internal grievance of banks and to ensure that the complaints of the customers are redressed at the level of the bank itself by an authority placed at the highest level of bank’s grievance redressal mechanism so as to minimise the need for the customers to approach other fora for redressal.
The scheme covers, appointment/tenure, roles and responsibilities, procedural guidelines and oversight mechanism for the IO. In May 2015, the RBI had advised all public sector and select private and foreign banks to appoint IO as an independent authority to review complaints that were partially or wholly rejected by the respective banks.
If a complaint is not settled by agreement within a period of one month from the date of receipt of the complaint or such further period as the Banking Ombudsman may allow the parties, he may, after affording the parties a reasonable opportunity to present their case, pass an Award or reject the complaint, RBI guidelines say.
2. TCS market capitalisation hits Rs 8 lakh crore mark
Tata Consultancy Services has become the second Indian company to attain a market valuation of over Rs 8 lakh crore mark following a surge in its share price. Earlier on August 23, Reliance Industries (RIL) became the first Indian company to cross the Rs 8 lakh crore market capitalisation mark. TCS is also the country’s most-valued firm in terms of m-cap.
On June 15, TCS became the first company to close the trading session with a market valuation of over Rs 7 lakh crore. The market valuation of TCS had earlier this year gone past the Rs 6 lakh crore level, making it the second company to achieve the milestone after Reliance Industries.
Mumbai-headquartered TCS had in April became the first Indian company to close the trading session with over $100 billion market valuation.
3. NTPC launches first e-vehicle charging station in Vishakhapatnam
NTPC, India’s power generating company, has launched its first electric vehicle charging station in Simhadri, Vishakhapatnam in Andhra Pradesh.
The charging station has been designed by the in-house NTPC engineering team at Simhadri. The station can have three e-vehicles charged simultaneously at the facility and is fully equipped with all amenities like parking bays, lighting, power supply and Wi-Fi access for automated monitoring and CC TV surveillance.
4. IOWAVE18: India to participate in multi-nation Indian Ocean-wide tsunami mock exercise
India along with 23 other nations, will be participating in a major Indian ocean-wide tsunami mock exercise on 4th and 5th September, which will involve evacuation of thousands of people from coastal areas in over half a dozen states. The exercise, known as IOWave18, is being organized by the Intergovernmental Oceanographic Commission (IOC) of UNESCO, which coordinated the setting up of the Indian Ocean Tsunami Warning and Mitigation System (IOTWMS) in the aftermath of December 26, 2004 tsunami.
The Indian Tsunami Early Warning Centre (ITEWC), based out of the Indian National Centre for Ocean Information Services (INCOIS), Hyderabad, is an autonomous institution under the Union Ministry of Earth Sciences. The state-of-the-art warning centre, operational since October 2007, has all necessary computational and communication infrastructure for the reception of real-time data from seismic and sea-level networks, tsunami modelling, as well as generation and dissemination of tsunami bulletins for the entire Indian Ocean region.
The IOWave18 exercise will simulate Indian Ocean countries being put in a tsunami warning situation and require the National Tsunami Warning Centre (NTWC), i.e., INCOIS in case of India, and the National and Local Disaster Management Offices (NDMO/LDMO) to implement their Standard Operating Procedures (SOPs). Besides testing the SOPs and communication links at all levels of the warning chain, a primary objective of the IOWave18 exercise is to enhance tsunami preparedness at the community level. The purpose of the exercise is to increase tsunami preparedness, evaluate response capabilities in each