Business news,NSE cuts transaction fees

Trading in the cash and forward trading segments of the National Stock Exchange, NSE, will become cheaper from April.

NSE cuts transaction fees

In the recent Board of Directors meeting of NSE, it has been decided to reduce the OTC transaction fee by 1 per cent for cash and advance business segments.

It has been reported that these changes will come into effect from April 1.

The reduction in transaction fees will result in a loss of Rs 130 crore in the company's revenue, NSE said. In January last year, the NSE raised transaction fees by six per cent to ensure reserves in the 'Investor Protection Trust Fund' category due to non-payment by stockbrokers. However, it is noteworthy that this order was withdrawn in March itself.

68 percent increase in complaints against banks

According to the annual report of RBI's grievance redressal schemes, there has been a 68 percent increase in customer complaints reported to the RBI Grievance Adjudicator in the last year 2022-23.

The Reserve Bank has reported that it has received 7.04 lakh complaints during the period from April 1, 2022 to March 31, 2023 under the 'Integrated Grievance Redressal Scheme'. This is 68.24 percent more than last year. Of this, public sector banks have received 41 percent of complaints and private sector banks have received 32 percent of complaints.

In terms of types of complaints, one in five are related to 'mobile and internet banking'. Another fifth, complaints related to loans and cash advances.

Based on this, out of total complaints, 2.35 lakh complaints have been dealt with by the Office of the Grievance Adjudicator.

Further, 4.68 lakh complaints were classified as non-complaints and non-maintainable complaints, Cr. Receipts called PCs and rejected through processing center.