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RBI to issue new Rs 20 banknote; RBI extends NBFC Ombudsman Scheme to Non-Deposit Taking NBFCs - Current Affairs

The new Rs  20 banknote has motif of Ellora Caves on the reverse, depicting the country's cultural heritage. The base colour of the note is Greenish Yellow. RBI extended the coverage of Ombudsman Scheme for Non-Banking Financial Companies (NBFCs), 2018 to eligible Non Deposit Taking Non Banking Financial Companies (NBFC-NDs).

Apr 27, 2019 14:30 IST
Rs 20 new banknote

Story 1: RBI to soon issue Rs 20 banknote of Greenish Yellow colour

The Reserve Bank of India (RBI) will shortly issue Rs  20 denomination banknotes in the Mahatma Gandhi (New) Series, bearing signature of Shaktikanta Das, Governor of the Reserve Bank of India.

The new Rs  20 banknote has motif of Ellora Caves on the reverse, depicting the country's cultural heritage. The base colour of the note is Greenish Yellow.

All the banknotes in the denomination of Rs 20 issued earlier by the Reserve Bank of India will continue to be legal tender.

Salient Features of new Rs  20 banknote                     

Obverse Side (Front)

  • See through register with denominational numeral 20
  • Denominational numeral २० in Devnagari
  • Portrait of Mahatma Gandhi at the centre
  • Micro letters 'RBI', ‘भारत ', ‘INDIA' and '20'
  • Windowed demetalised security thread with inscriptions ‘भारत’& RBI
  • Guarantee Clause, Governor's signature with Promise Clause and RBI emblem
  • Ashoka Pillar Emblem
  • Mahatma Gandhi portrait and electrotype (20) watermarks
  • Number panel with numerals growing from small to big on the top left side and bottom right side.

Reverse Side (Back)

  • Year of printing of the note on the left
  • Swachh Bharat logo with slogan
  • Language panel
  • Motif of Ellora Caves
  • Denominational numeral २० in Devnagari.

Story 2: RBI extends coverage of NBFC Ombudsman Scheme to Non-Deposit Taking NBFCs

The Reserve Bank of India (RBI) on April 26, 2019 extended the coverage of Ombudsman Scheme for Non-Banking Financial Companies (NBFCs), 2018 to eligible Non Deposit Taking Non Banking Financial Companies (NBFC-NDs).

The coverage will be extended to Non Deposit Taking Non Banking Financial Companies having asset size of Rs 100 crore or above with customer interface.

However, Non Banking Financial Company-Infrastructure Finance Company (NBFC-IFC), Core Investment Company (CIC), Infrastructure Debt Fund-Non-banking Financial Company (IDF-NBFC) and NBFCs under liquidation are excluded from the ambit of the Scheme.

Ombudsman Scheme for Non-Banking Financial Companies (NBFCs), 2018

  • The Ombudsman Scheme for Non-Banking Financial Companies (NBFCs), 2018 was launched on February 23, 2018 for redressal of complaints against NBFCs registered with RBI under Section 45-IA of the RBI Act, 1934.
  • Initially, the scheme covered all deposit accepting NBFCs.
  • It provides a cost-free and expeditious complaint redressal mechanism relating to deficiency in the services by NBFCs covered under the Scheme.
  • The offices of the NBFC Ombudsmen function at four metro centres - Chennai, Kolkata, Mumbai and New Delhi.
  • The NBFC Ombudsmen offices handle complaints of customers in the respective zones.
  • The Scheme also provides for an Appellate Mechanism under which the complainant or the NBFC has option to appeal against the decision of the Ombudsman before the Appellate Authority.

 Source: RBI Website