• The Integrated Ombudsman Scheme, 2021, will provide cost-free redress of customer complaints involving deficiency in services rendered by entities regulated by the RBI, if not resolved to the satisfaction of the customers within 30 days by banks, NBFCs, and payment system operators.

• The Reserve Bank - Integrated Ombudsman Scheme, 2021 was launched on Nov 12 in virtual mode by Prime Minister Narendra Modi.

• The Scheme integrates the existing three Ombudsman schemes of RBI -- the Banking Ombudsman Scheme, 2006; the Ombudsman Scheme for Non-Banking Financial Companies, 2018; and the Ombudsman Scheme for Digital Transactions, 2019.

• In addition to integrating the three existing schemes, it also includes non-scheduled primary cooperative banks with a deposit size of Rs 50 crore and above.

• A centralised receipt and processing centre has been set up at RBI, Chandigarh for receipt and initial processing of physical and email complaints in any language.

• The Scheme adopts 'One Nation One Ombudsman' approach by making the RBI Ombudsman mechanism jurisdiction neutral.

• The fashion and lifestyle e-commerce platform Myntra has said it has named Nandita Sinha as its Chief Executive Officer.

• Her appointment is effective January 1, 2020, and she will report to Flipkart Group CEO Kalyan Krishnamurthy.

• The monetary authority has reiterated its strong views against cryptocurrencies saying they pose serious threats to the macroeconomic and financial stability of the country and also doubted the number of investors trading on them as well their claimed market value.

• Governor Shaktikanta Das reiterated his views against allowing cryptocurrencies saying they are serious threat to any financial system since they are unregulated by central banks.

• His comments come ahead of the RBI's internal panel report on the contentious topic which is expected next month.

• The Supreme Court in early March 2020 had nullified the RBI circular banning cryptocurrencies.

• Following this, on February 5, 2021, the central bank had instituted an internal panel to suggest a model of central bank's digital currency.

• The RBI had announced its intent to come out with an official digital currency, in the face of the proliferation of cryptocurrencies like Bitcoin about which the central bank has had many concerns.

• The government has recently moved to ban private cryptocurrencies.

Retail inflation inched up to 4.48 per cent in October due to an uptick in food prices, government data showed on Nov 12 .

The Consumer Price Index (CPI) based inflation was at 4.35 per cent in September and 7.61 per cent in October 2020.

According to the data released by the National Statistical Office (NSO), inflation in food basket rose to 0.85 per cent in October, compared to 0.68 per cent in the preceding month.

The Reserve Bank, which mainly factors in CPI-based inflation while arriving at its bi-monthly monetary policy, has been tasked by the government to keep it at 4 per cent, with a tolerance band of 2 per cent on either side.

The RBI has projected the CPI inflation at 5.3 per cent for 2021-22: 5.1 per cent in second quarter, 4.5 per cent in third; 5.8 per cent in last quarter of the fiscal, with risks broadly balanced.

The retail inflation during April-June period of 2022-23 is projected at 5.2 per cent.

On a day Union Home Secretary Ajay Bhalla landed in Kolkata to hold a meeting with West Bengal officials on the issue of extending the jurisdiction of BSF from 15 km to 50 km, the state Assembly finalised a resolution opposing the Centre’s move.

Minister Partha Chatterjee said the resolution would be tabled on November 16.

He said if the BSF is allowed to operate within 50 km from the international borders, it will render 37 per cent area of the state’s land under the border force’s control and “clip the state police’s authority”.

The decision regarding the matter was taken at a meeting of the Business Advisory Committee, he added.

The BJP maintained it would oppose the resolution, stating it to be against national interest.

Chief Minister Mamata Banerjee has criticised the Centre's move to extend the jurisdiction of the Border Security Force (BSF), alleging that it was an attempt to interfere with the federal structure of the country.

The BJP-led central government had amended the BSF Act to authorise the force to undertake search, seizure and arrest within a larger 50 km stretch, instead of 15 km, from the international border in Punjab, West Bengal and Assam.

Under pressure from passengers over hike in fares, the Railways on  Nov 12  issued an order to discontinue the 'special' tag for mail and express trains and revert to pre-pandemic ticket prices with immediate effect.

Since the coronavirus-triggered lockdown was eased, the Railways has been running only special trains.

It started with long-distance trains and now, even short-distance passenger services are being run as special trains with "slightly higher fares" to "discourage people from avoidable travels".

In a letter to the zonal railways, the Railway Board said trains will now be operated with their regular numbers and fares will revert to normal pre-Covid prices.

Ticket prices of special trains and holiday special trains are marginally higher.

In another order, the Railway Board clarified that the second class of such trains shall continue to run as reserved except for any relaxation permitted in a special case.

It also said that for tickets booked in advance, no difference of fare either is to be collected by Railways or any refund shall be permitted.

Neither order however specifies when the zonal railways are required to revert to their pre-Covid regular services.

The transporter registered an increase of 113 per cent in earnings from the passenger segment during the second quarter of 2021-2022 as compared to the first.

Noted music director AR Rahman's daughter Khatija Rahman seems to be doing her dad proud. The gifted singer's music video - 'Farishton' - has won the award for the Best Animation Music Video at the International Sound Future Awards.

Although the award will technically go to AR Rahman for being the music director and the producer of the video, it is clear that Rahman considers the video to be the work of his daughter Khatija.

This is not the first award for 'Farishton' as just a couple of days ago, the music video won an Award of Merit at the Global Shorts.net, an international short film competition.

The video has also received a special mention award at the Los Angeles Film Awards.

The caretaker Dutch Prime Minister Mark Rutte announced a three-week partial lockdown  Nov 12  amid surging COVID-19 cases in the Netherlands, saying his government wants to “deliver a hard blow to the virus.”

The lockdown that begins  Nov 13  night is the first to start in Western Europe since a new wave of infections began surging across parts of the continent.

Under the lockdown, bars, restaurants and supermarkets will have to close at 8 p.m. (1900 GMT), professional sports matches will be played in empty stadiums and people are being urged to work from home as much as possible. Stores selling non-essential items will have to close at 6 p.m.

The Netherlands is not alone in taking measures to rein in soaring coronavirus infections.

Earlier , Austrian Chancellor Alexander Schallenberg said his country will implement a lockdown for unvaccinated people in two hard-hit regions next week and looks poised to move forward with similar measures nationwide.

Meanwhile, Germany’s disease control center is urging people to cancel or avoid large events and to reduce their contacts as the country’s coronavirus infection rate hits a string of new highs.