RBI News – This is a system that will be effective for the safety of your money, sooner or later, for bank customers
RBI Latest Update: The Reserve Bank of India (RBI) has taken a new step in strengthening the financial security of its customers. Over the last several days, the central bank has added several banks to the block.
- The RBI will provide further protection to the money you have in the bank.
- Soon the RBI is implementing the ICMTS system.
- What is Integrated Compliance Management and Tracking System?
RBI Latest Update – Reserve Bank of India (RBI) has taken a new step in strengthening the financial security of its customers. Over the last several days, the central bank has added several banks to the block. That bank customers are also suffering. There are reports that the banks are going bankrupt and the money of the account holders is sinking. In such a situation, the RBI will take stringent action and set a limit for withdrawing the deposit from the bank. You may remember the same thing happened in the case of PMC Bank in Maharashtra.
But now the RBI has taken a major step in this regard. The RBI has set up a new model to ensure that banks do not go bankrupt and the RBI needs to be informed from time to time about their financial health. For this, the RBI is leading the implementation of the ICMTS-Integrated Compliance Management and Tracking System. WHAT IS ICMTS? And let’s see how it benefits the customer.
What is the ICMTS system?
Experts who talk about this can better monitor banks through RBI, ICMTS-Integrated Compliance Management and Tracking System. All banks in this system will be interconnected and exchange data with each other. If any one bank’s financial position is not correct, it will be informed in advance of the RBI. According to the RBI annual report, this is going to be a web interface. All banks and NBFC (NBFC-Non Banking Financial Companies) will be linked through this.
There will be online reporting of cyber incidents
This new system of RBI will also include monitoring of Cyber Fraud. There will be online reporting of all these events. The full details of such incidents will be available to the RBI in real-time. Experts believe that this system will also help prevent online scams. People’s money will also be safe. It will also be able to take immediate action against those who have not repaid the loan. If a person defaults with a bank, their data will also be with other banks. Loan tracking will be easier. Also, Read This: Lockdown-Unlock Latest Update: The nation’s capital will be unlocked from May 31st.
The RBI can easily take action
ICMTS is not just a data-sharing platform for banks. This will also reveal the financial position of other sectors. The RBI can also provide information on which sectors need to be strengthened financially. This will enable the RBI to strengthen such sectors more quickly and strengthen them economically. This will also benefit the company, bank, or sector.
How much security does your money get in case the banks sink?
Section 16 (1) of the DICGC Act 1961 provides that if any bank is sunk or bankrupt, the customer will get a maximum compensation of up to Rs 5 lakh on their deposit. However, it depends on how many banks you have. This limit can be up to Rs 5 lakhs by combining the money you have deposited with other banks and your bankruptcy. If you put more than Rs 5 lakh in a bank, your only Rs 5 lakh is considered safe.