November 2024
Download PDFDaily Current Capsules - 26th JUNE 2019
Economic Development
RBI launches CMS for online complaints against banks, NBFCs
Relevance IN - Prelims ( about RBI's CMS ) + Mains ( GS III economic development)
What's the NEWS
Aadhaar Bill introduced amid Opposition protests
Relevance IN - Prelims ( about the various provisions of Aadhar bill) + Mains ( GS II government interventions and policies + GS III financial inclusion)
What's the NEWS
Imphal Peace Museum gifted to Japan by India
Relevance IN - Prelims ( about the museum and about battle of Imphal)
What's the NEWS
TEAM CL IAS
Economic Development
RBI launches CMS for online complaints against banks, NBFCs
Relevance IN - Prelims ( about RBI's CMS ) + Mains ( GS III economic development)
What's the NEWS
- Reserve Bank of India (RBI) launched a Complaint Management System (CMS) on its website
- This RBI CMS has launched for lodging complaints against banks and NBFCs with a motto to improve customer experience in timely redressal of grievances.
- CMS portal at RBI's website can be used to lodge complaints against any of the entities regulated by RBI.
- Keeping the convenience of the customers in mind, CMS has been designed to enable on-line filing of complaints.
- It provides features such as acknowledgement through SMS/Email notification(s), status tracking through unique registration number, receipt of closure advises and filing of Appeals, where applicable. It also solicits voluntary feedback on the customer's experience.
- The CMS is accessible on desktop as well as on mobile devices. The RBI also plans to introduce a dedicated Interactive Voice Response (IVR) system for tracking the status of complaints.
- Insights from the data available from CMS can be used by banks/FSPs for designing products which meet the expectations of their customers.
- This system facilitates the regulated entities to resolve customer complaints received through CMS by providing seamless access to their Principal Nodal Officers/Nodal Officers.
- The system provides facilities for generation of a diverse set of reports to monitor and manage grievances by the Regulated Entities.
- They can use the information from CMS for undertaking root cause analyses and initiating appropriate corrective action, if required.
- The CMS also has facilities for RBI officials handling the complaints to track the progress of redressal.
- The information available in CMS could also be used for regulatory and supervisory interventions, if required.
- With the launch of CMS, the processing of complaints received in the offices of Banking Ombudsman (BO) and Consumer Education and Protection Cells (CEPCs) of RBI has been digitalized.
Aadhaar Bill introduced amid Opposition protests
Relevance IN - Prelims ( about the various provisions of Aadhar bill) + Mains ( GS II government interventions and policies + GS III financial inclusion)
What's the NEWS
- Union Minister Ravi Shankar Prasad introducing the Aadhaar Bill in the Lok Sabha.
- The second week of the 17th Lok Sabha saw hectic business as several key Bills were introduced, as many as 10 questions were asked during Question Hour and the debate on the President's Address got under way.
- The legislation will now replace an ordinance issued in March this year, and proposes to impose strict penalties for violation of norms.
- Union Law Minister Ravi Shankar Prasad introduced the Aadhaar and Other Laws (Amendment) Bill, 2019 in the Lok Sabha on Monday amid protests from Opposition members.
- The Aadhaar legislation to replace an ordinance issued in March seeks to impose strict penalties for violation of norms.
- Opposition opposed the Bill on three grounds: it defies an earlier Supreme Court judgment, permits private agencies to store data and violates fundamental rights.
- There is no compulsory compliance. SIM cards can be taken with or without Aadhaar,
- The Special Economic Zones (Amendment) Bill, 2019 too seeks to replace an ordinance, promulgated in March by the previous government, that will bring trusts under the definition of a juristic person for the purposes of setting up a unit in SEZs.
- The present provisions of the Act do not permit trusts to set up units in SEZs.
- The Bill - which will be in form of amendment to Aadhaar Act 2016 and will replace an ordinance issued in March, 2019 - also proposes stiff penalties for violation of norms.
- For the convenience of general public in opening of bank accounts, the proposed amendments would allow the use of Aadhaar number for authentication on voluntary basis as acceptable KYC (Know Your Customer) document under the Telegraph Act, 1885 and the Prevention of Money Laundering Act, 2002
- This will allow voluntary use of Aadhaar number for authentication and identity proof in opening of bank accounts and procuring of mobile phone connections.
- The Bill seeks to giving a child an option to exit from the biometric ID programme on attaining 18 years of age, while stipulating stiff penalties for violation of norms set for the use of Aadhaar and violation of privacy.
- Subsequent to this amendment, no individual shall be compelled to provide proof of possession of Aadhaar number or undergo authentication for the purpose of establishing his identity unless it is so provided by a law made by Parliament
- It proposes deletion of section 57 of the Aadhaar Act relating to use of the biometric identifier by private entities.
- The amendment will also prevent denial of services for refusing to, or being unable to, undergo authentication.
- The changes proposed include a civil penalty of up to Rs.1 crore on entities that violate the provisions of the Aadhaar Act, with an additional fine of up to Rs.10 lakh per day in case of continuous non compliance.
- Punishment for unauthorised access to the Central Identities Data Repository as well as data tampering is proposed to be extended to 10 years each from the current three years.
Imphal Peace Museum gifted to Japan by India
Relevance IN - Prelims ( about the museum and about battle of Imphal)
What's the NEWS
- Japan gifted Manipur a museum of peace built on the memories of one of the fiercest battles of the Second World War.
- The inauguration of the Imphal Peace Museum at Red Hill, about 20 km southwest of Manipur's capital Imphal, marked the 75th anniversary of the Battle of Imphal.
- Some 70,000 Japanese soldiers, alongside those of Subhash Chandra Bose's Indian National Army, died in battles with the British-led Allied forces in areas around Imphal and Kohima from March to June 1944.
- The last of these battles was fought at Red Hill, where the Japanese War Memorial was built in 1944 to mark the 50th anniversary of the battle.
- Japanese armies with an attempt to destroy Allied forces at Imphal invaded India, but were driven back into Burma (todays' Myanmar) with heavy losses.
- The Battle of Imphal together with simultaneous Battle of Kohima (also known as Stalingrad of the East) on road by which encircled Allied forces at Imphal were relieved, was the main turning point of 2nd World War's Burma Campaign.
- The Japanese faced the largest defeat up until that time at Kohima and Imphal with many of Japanese deaths resulting from starvation, disease and exhaustion suffered during their retreat
- The inauguration of Imphal Peace Museum marked 75th anniversary of Battle of Imphal.
- The museum is funded by Nippon Foundation, a private, non-profit grant-making organization based in Japan.
- The last of these battles was fought at Red Hill in Imphal. In 1994 Japanese War Memorial was also built at Red Hill to mark 50th anniversary of battle.
- Imphal Peace Museum symbolises the reconciliation between Japan and Britain and Japan and India.
- It will serve as a living memory of the tragic war which reinforces the message that history changes and will make the world learn from past which is required for a lasting peaceful world.
TEAM CL IAS