Mumbai: There are now three different types of Lokpal schemes for consumers in the country to file complaints against banks, NBFCs and card issuers. But soon there will be a bank Lokpal system in the country. This allows complainants to complain about their banking transactions in one place. The plan is on behalf of the Reserve Bank, said Governor Shaktikant Das. Shaktikant made the announcement after a meeting of the Monetary Policy Committee. The Reserve Bank aims to launch the Integrated Lokpal Scheme, or Ombudsman, in one country by June 2021. Notably, there are now 22 bank Lokpals working in the 22 regional offices of the Reserve Bank of the country. Six days after the presentation of the budget, the Reserve Bank of India today released its monetary policy report. In the post-budget monetary policy, the repo rate is set at 7 percent and the reverse repo rate at 3.35 percent. For the fourth time in a row, the Reserve Bank has not changed its interest rate. Such measures have been taken to improve growth by keeping a sufficient amount of cash in the banking system. The decision was taken at a meeting of the Monetary Policy Committee unanimously to keep interest rates unchanged, said RBI Governor Shaktikant Das. To improve economic growth, the Reserve Bank has already reduced its repo rate by 1.15 per cent since March. The RBI estimates that the country’s GDP growth rate will be 10.5 per cent in the next financial year.
