The Reserve Bank introduces Internal Ombudsman mechanism for Credit Information Companies (CICs) (OCT 6, 2022)
The Reserve Bank, in exercise of the powers conferred by sub section (1) of Section 11 of the Credit Information Companies (Regulation) Act, 2005 (the Act), being satisfied that it is necessary in the public interest to do so, directs all Credit Information Companies (CICs) holding a Certificate of Registration under sub-section (2) of Section 5 of the Act, to appoint Internal Ombudsman (IO) at the apex of their internal grievance redress mechanism by April 1, 2023.
Under the mechanism, all complaints that are partly or wholly rejected by CICs will be reviewed by the IO before the final decision of the CIC is conveyed to the complainant. The IO will not entertain any complaints directly from the members of public.
The implementation of the IO mechanism will be monitored by the CIC’s internal audit system, apart from regulatory oversight by RBI.
For Copy of Notification, Click Here
COMPETITION COMMISSION OF INDIA
CCI approves amalgamation of Zee Entertainment Enterprises Limited (ZEE) and Bangla Entertainment Private Limited (BEPL) with Culver Max Entertainment Private Limited (CME), with certain modifications (OCT 4, 2022)
The proposed combination relates to
- amalgamation of each of ZEE and BEPL with and into CME; and
- preferential allotment of certain shares by CME to Sunbright International Holdings Limited (earlier known as Essel Holdings Limited), and Sunbright Mauritius Investments Limited.
PATNA HIGH COURT
OBC, EBC quota in Bihar urban local body elections illegal: Patna high court (OCT 5, 2022)
Reservation of seats for other backward classes (OBCs) and extremely backward classes (EBCs) in Bihar’s urban local body elections without following the triple test criteria as laid down by the Supreme Court was “illegal”, the Patna high court observed on Tuesday.
In March last year, the Supreme Court while hearing a case pertaining to Maharashtra local body polls had held that for implementing OBC reservation in local bodies, the state must constitute a dedicated OBC commission, collect data on their backwardness, and provide reservation in such a manner that the total reservation — with SC, ST and OBC put together — does not exceed the 50% ceiling. The direction was coined as the “triple test”.
BUSINESS AND FINANCE NEWS
India sees $5.7 bn worth online festive sales, 56k mobiles sold per hour (OCT 6, 2022)
Mobile phones continue to lead the market with 41 per cent contribution in gross merchandise value (GMV) and nearly 56,000 mobile handsets were sold every hour, according to the report by market research firm Redseer Strategy Consultants.
A whopping 75-80 million shoppers placed orders across all platforms in the first week of festive sales. Shopper base also increased by 24 per cent (on-year) in the first week of festive sale, with 65 per cent of shoppers coming from Tier 2 and cities.
NEWS AT GLANCE
- Kerala High Court initiates suo motu proceedings in Palakkad road accident case.
- National Commission for Women issues notice to Congress leader Udit Raj for his derogatory remark on President Droupadi Murmu; asks him to apologise.
- Law Minister Kiren Rijiju says government is in talks with Election Commission for major electoral reforms.
- OPEC and its Russia-led allies decide to cut oil production by two million barrels per day.
WORDS OF THE DAY
Executio legis non habet injuriam - Execution of the law does no injury
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