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Banking Ombudsman Scheme was introduced by the Reserve Bank of India (RBI) to redress the complaints of customers on certain types of banking services provided by banks and to smooth the progress of the resolution of those complaints.
The scheme was introduced under Section 35A of the Banking Regulation Act of 1949 by RBI with effect from 1995. Afterwards, it is lawfully developed and modified through the introduction of regulations under the Banking Ombudsman Scheme 2006. The latest revision was made in 2017.
Now let’s go ahead and try to understand this unique scheme in detail.
Banking Ombudsman Scheme allows the people to file a complaint to resolve the banking issues
In simple terms, the Banking Ombudsman Scheme is a speedy and economic forum for customers of the bank for resolution of complaints.
BO is a senior official appointed by the Reserve Bank of India (RBI) to redress customer complaints against deficiency in certain banking services.
The Banking Ombudsman, a senior official, is appointed by the Reserve Bank of India to redress complaints.
Number of Banking Ombudsman and their location
You can file a complaint with the Banking Ombudsman:
The Complaints filed can be related to:
Any other non – compliance of RBI Directions by the Banks will also be covered.
Also Read: RBI’s Ombudsman Scheme for NBFC
The Banking Ombudsman scheme is a benefit and a very significant mode for resolving of grievances by the general people against the banks and its services. It is develop in such a way that it does not throw out the jurisdiction of other courts. Hence, aggrieved people do not hesitate with the banking ombudsman as the main forum for the resolution of the dispute with banks. So far the achievements of Banking Ombudsman have been astonishing; however, there is a lot to achieve.
Also Read:Mandatory Norms under RBI Regulations on Digital LendingRBI Fines Amazon Pay (India) for not Complying with PPI & KYC Norms
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