Strengthening Customer Grievance Redress: The Role of the Internal Ombudsman - Keynote address by Shri Swaminathan J, Deputy Governor at the Internal ...
Prepaid payment instrument programme adds mobility and gift card capabilities with digital servicing subject to applicable programme conditions. Prepaid payment instrument programme launched for Indian Overseas Bank through CARD91's technology stack, incorporating RuPay National Common Mobility Card and Gift Card capabilities. The programme was implemented following requisite approvals, testing and compliance validation. The RuPay NCMC facility supports prepaid, tap-based payments for metro, bus and parking transactions, subject to the bank's programme conditions and user eligibility. Digital card servicing may include balance enquiry, transaction history, reload or top-up functions, and customer support, subject to applicable programme terms.
Free trade agreements and e-commerce export reforms expand preferential market access, address non-tariff barriers, and support small exporters. Export market diversification is advanced through trade agreements, export-promotion measures and capacity building. Free Trade Agreements seek preferential market access, increased trade and investment, and support for labour-intensive exports, while technical barriers to trade provisions and engagement mechanisms address standards, regulatory requirements and non-tariff barriers. Cross-border e-commerce exports are supported through trade-finance and compliance assistance, E-Commerce Export Hubs, District Export Hubs, simplified courier-export procedures, reverse-logistics facilitation, logistics planning, duty-and-tax remission, and MSME export facilitation.
Production Linked Incentive Schemes strengthen domestic manufacturing through investment support, export growth, employment generation, monitoring and eligibility reforms. Production Linked Incentive Schemes for 14 sectors promote domestic manufacturing, investment, exports, employment and global competitiveness. Overall coordination and monitoring rests with the Department for Promotion of Industry and Internal Trade, while sector-specific implementation is undertaken by the relevant ministries and departments. Implementation is periodically reviewed, with scheme modifications, rationalised guidelines, relaxation of specified eligibility conditions, project monitoring, stakeholder consultation and inter-ministerial issue resolution used to improve uptake and strengthen domestic manufacturing ecosystems.
Separate corporate insolvency processes remain contested over foreign asset treatment, specialised resolution needs, and creditors' commercial decision-making. Separate corporate insolvency resolution processes for VIL and VOVL are disputed following reversal of an earlier consolidation direction. Independent processes were preferred because the entities operate in distinct sectors and may require specialised resolution, while creditors' choice was treated as commercial wisdom not ordinarily open to tribunal interference. The dispute also concerns whether foreign oil and gas assets should be treated as VIL assets, against the background of VIL's conversion from co-obligor to corporate guarantor to ring-fence those assets from domestic business liabilities.
Drone technology collaboration promotes joint manufacturing, technology transfer, rural entrepreneurship and global market access through an integrated industrial ecosystem. India-Russia industrial collaboration in drone technology is proposed through engagement on technology transfer, joint manufacturing, research collaboration, investment, exports and global market access. Drone City is presented as an integrated ecosystem covering manufacturing, research and development, testing, certification support, skill development, incubation, warehousing, startup acceleration and international technology partnerships. Its expansion and panchayat-level entrepreneurship programme are expected to create rural drone enterprises and employment in manufacturing, component production, quality control, maintenance, logistics and technical support.
WTO trade policy review will assess India's trade measures, transparency framework, reforms, and responses to member questions. India's eighth Trade Policy Review under the World Trade Organization framework examines its trade policies and developments during the 2021-2025 review period. The process uses a Government Report and a Secretariat Report and provides a comprehensive peer examination of border and behind-the-border trade measures to promote transparency, predictability and understanding. The review addresses trade agreements, Goods and Services Tax rationalisation, digital trade-facilitation measures, and Member questions on digitisation, MSMEs, women's economic participation, Viksit Bharat and the Atmanirbhar Bharat Abhiyan.
Fisheries subsidy disciplines promote sustainable marine resource use while excluding aquaculture and inland fisheries from their scope. The WTO Agreement on Fisheries Subsidies disciplines subsidies concerning marine wild-capture fishing and fishing-related activities at sea. It prohibits subsidies linked to illegal, unreported and unregulated fishing and fishing of overfished stocks, promoting conservation and sustainable use of marine resources. Aquaculture and inland fisheries remain outside its scope. India's fisheries management framework is identified as supporting implementation while preserving policy space and safeguarding the interests of traditional and small-scale fishers.
Revised Index of Core Industries adopts a new base year, adds iron ore, and revises sector measurement methodology. The revised Index of Core Industries series adopts 2022-23 as its base year, replaces the former series and expands coverage to nine industries by including iron ore. Steel is measured using gross production data, while only raw coal is retained to avoid double counting. Weights are derived from the corresponding Index of Industrial Production series and normalised to 100. A geometric-mean linking methodology connects the former and revised series. June 2026 provisional estimates show overall year-on-year ICI growth, led principally by iron ore and electricity.
Risk-based export controls exposed alleged pharmaceutical diversion, prompting NDPS enforcement against transnational illicit opioid trafficking networks. Risk-based export controls and intelligence-led enforcement under the NDPS Act, 1985 addressed an alleged attempt to divert an export consignment of high-strength Tramadol Hydrochloride tablets into illicit international channels. Enquiries with the International Narcotics Control Board and competent authorities indicated that the declared destination had been misrepresented. The action involved seizure of the consignment and arrests of persons alleged to be connected with the export arrangement and conspiracy. The operation emphasises risk-based profiling, export-control scrutiny, intelligence sharing, and international coordination against pharmaceutical diversion and transnational drug trafficking.
Trade tariffs on Canadian goods target alleged discrimination against American automobiles, alcohol and dairy products under trade law. United States trade action imposes tariffs on most Canadian goods, citing alleged discriminatory treatment of American automobiles, alcoholic beverages and dairy products. The measures apply to goods previously protected under the United States-Mexico-Canada Agreement, subject to exclusions for energy products, potash, fish and critical minerals. The stated grounds include Canadian retaliatory tariffs, restrictions on American alcohol sales, treatment of dairy imports, and tariffs on certain United States motor vehicles outside preferential trade treatment.
Foreign exchange market movement saw rupee depreciation amid geopolitical risk, higher crude prices, stronger dollar conditions and equity outflows. Foreign exchange market movement saw the rupee depreciate by 6 paise to close at 96.36 against the US dollar, amid global risk aversion, higher crude oil prices, escalating US-Iran tensions and rising US Treasury yields. Market commentary indicated that anticipated Reserve Bank of India intervention could limit further downside. The report also noted a stronger dollar index, domestic equity-market declines, foreign institutional equity outflows, and an increase in India's foreign exchange reserves.
Concessional foreign-exchange swaps incentivise fresh FCNR(B) deposits and foreign borrowings to strengthen balance-of-payments liquidity. The concessional foreign-exchange swap facility incentivises fresh FCNR(B) deposits, overseas foreign-currency borrowings and external commercial borrowings to strengthen the balance of payments and support foreign-exchange liquidity. Its availability is time-limited, with FCNR(B) deposits eligible until September 2026 and OFCB and ECB inflows eligible until December 2026. Reported inflows were primarily mobilised through FCNR(B) deposits.
Geographical indication recognition protects traditional product identity while supporting rural entrepreneurship, quality maintenance, digital access and artisan market opportunities. Geographical Indication recognition is being pursued for additional traditional products from Jharkhand to protect product identity and expand protected regional products. GI recognition supports cultural heritage, rural entrepreneurship and market access for artisans and primary producers. Post-registration measures emphasise product-quality maintenance and digital e-commerce access, alongside skill development, marketing initiatives, rural haats and support for non-farm sectors.
Banking sector earnings concerns and geopolitical tensions pressured benchmark equities, while broader markets and selected defensive sectors gained. Indian benchmark equity indices declined following heavy selling in major private-sector banking shares amid concerns over weaker net interest margins and quarterly earnings. Banking and financial sector indices were the principal laggards. Renewed United States-Iran tensions, crude-oil concerns, global market weakness and reported foreign institutional investor equity sales added to investor caution. Broader domestic market indices nevertheless closed higher, with selected defensive and infrastructure-linked sectors recording gains.
Internal Ombudsman independence strengthens fair customer grievance resolution, prevents escalation, and drives institutional learning from recurring complaint patterns. Internal Ombudsmen should independently review qualifying customer grievances to ensure fair, reasonable and timely internal resolution rather than mechanically affirming earlier decisions. Regulated entities should prevent eligible complaints from bypassing Internal Ombudsman review and should assess redress by the quality, transparency and fairness of outcomes, not merely complaint closure. Complaint patterns should be used for root cause analysis and institutional improvements, with Boards and senior management empowering Internal Ombudsmen and treating complaint trends as early-warning information. Technology may support analytics and faster processes but cannot replace judgment, empathy and impartiality.
UPI security framework mandates advanced controls, alongside risk-based limits and authentication safeguards to strengthen payment ecosystem resilience. Unified Payments Interface is an NPCI-operated payment system authorised under the Payment and Settlement Systems Act, 2007. Cross-border UPI arrangements facilitate person-to-person remittances and person-to-merchant payments through partner institutions in multiple countries. Security measures include risk-based transaction limits, safeguards against unauthorised mobile-number changes and misuse of SMS-based authentication, and enhanced application-security requirements. The Comprehensive UPI Information Security Framework 2025 and Mobile Application Security Framework mandate advanced controls to strengthen UPI ecosystem safety and resilience.
Fintech consumer protection strengthens payment security, data safeguards, innovation testing, fraud monitoring, cybercrime reporting, and public awareness mechanisms. Fintech regulation and consumer protection are being strengthened through self-regulatory standards, digital payment security controls, personal-data safeguards, regulatory sandbox testing, and cyber-fraud reporting mechanisms. The FinTech self-regulatory organisation framework promotes ethical conduct, market integrity, dispute resolution, transparency, and accountability. Banks must maintain minimum security controls for payment channels, supported by AI and machine-learning fraud monitoring for UPI transactions. Citizens may report cyber incidents and illegal loan apps through designated reporting channels, alongside awareness initiatives on fraud prevention and risk mitigation.
Homebuyer order enforcement requires developer to deposit recoverable dues with interest, with imprisonment warned for continued non-compliance. Final homebuyer compensation and possession-related directions were enforced by requiring the developer and its officials to deposit the entire recoverable amount with annual interest in the court registry within one week. Existing asset freezes were to continue, and continued non-compliance could lead to imprisonment. The purchasers had obtained final regulatory compensation directions, but execution proceedings, notices and warrants had not resulted in payment or possession. Third-party rights and transfer of possession were restrained pending compliance.
Foreign-exchange market pressure weakened the rupee as crude prices, geopolitical risk and dollar strength increased, with intervention offering support. Foreign-exchange market movement saw the rupee depreciate against the US dollar amid global risk aversion, higher crude oil prices, geopolitical tensions, and rising US Treasury yields. Reserve Bank of India intervention was identified as a potential support mechanism capable of limiting downside pressure. Higher dollar-index levels, domestic equity-market movements, foreign institutional equity outflows, and an increase in India's foreign-exchange reserves were also noted as relevant market conditions.
Parental consent in APAAR enrolment requires a genuine opt-out option and compliance with personal data protection safeguards. APAAR consent procedures were questioned because a scheme described as voluntary may effectively require Aadhaar enrolment and condition educational access on an academic identifier. The Orissa High Court direction required the model consent form to give parents an express option to refuse consent or opt out before enrolment. Concerns included informed parental consent, withdrawal of consent, long-term storage of children's educational records and privacy protections. Educational circulars remain subject to the Digital Personal Data Protection Act, and any data-processing framework must comply with applicable consent requirements.
The ECB policy is regularly reviewed and modified by the Government in consultation with Reserve Bank of India, keeping in view the evolving macroeconomic condition, sectoral requirements and investment demand. The policy was reviewed in June, 2009. As per the extant ECB guidelines, units in the SEZ are permitted to access ECBs for their own requirements. However, based on review effective from June 30, 2009, SEZ developers have been permitted to avail of ECB under the Approval route for providing infrastructure facilities also, as defined in ECB policy, within the SEZ. However, ECB shall not be permissible for development of integrated township and commercial real estate within the SEZ. The infrastructure facilities as defined in the extant ECB policy include (i) power, (ii) telecommunication, (iii) railways, (iv) road including bridges, (v) sea port and airport (vi) industrial parks (vii) urban infrastructure (water supply, sanitation and sewage projects) and (viii) mining, refining and exploration.
ECB can be accessed under two routes. Viz. (i) Automatic Route as outlined in Section I(A) and (ii) Approval Route as outlined in Section I (B) of Master Circular dated July 1, 2009 on ECB issued by RBI under FEMA. Under the Automatic Route, the eligible borrowers may enter into loan agreement with recognized lender for raising ECB complying with the amount, maturity, all-in-cost, and end use etc. conditions in the ECB guidelines without prior approval of the Reserve Bank. However, the borrowers are required to obtain a Loan Registration Number (LRN) from the Reserve Bank before drawing down the ECB. The procedure for obtaining LRN has been outlined in Section II(i)(b) of Master Circular on ECB and Trade Credits issued by RBI under FEMA,
This information was given by Minister of State for Finance, Shri Namo Narain Meena in written reply to a question raised in Lok Sabha today.
External commercial borrowings: SEZ developers may use the Approval route for permitted infrastructure financing, not real estate.
SEZ units may access ECBs for their own needs, and SEZ developers may obtain ECBs under the Approval route to provide defined infrastructure within SEZs; ECBs remain impermissible for integrated township and commercial real estate. ECBs are available under the Automatic Route or the Approval Route per the Master Circular: the Automatic Route permits eligible borrowers to contract with recognized lenders without prior RBI approval subject to amount, maturity, all-in-cost and end-use conditions and requires obtaining a Loan Registration Number before drawdown.
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