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Banking Ombudsman Scheme | IBPS PO Prelims & Mains Preparation - Bank Exams PDF Download
Banking Ombudsman
- Senior official appointed by RBI to redress customer complaints against deficiency in certain banking services.
- Under section 35a of the Banking Regulation Act 1949.
- The Banking Ombudsman Scheme was first introduced in 1995.
- The Current scheme became operative from 1st January 2006
- At present 22 banking ombudsman are being operated mostly in state capitals.
- All scheduled commercial banks (including RRB’S, cooperative banks) are covered
- Customer can complaint against
- Non-payment or inordinate delay in payment of cheques, drafts, bills etc.
- Also RBI has later included the facility for net-banking, digital transactions, mobile banking, Debit card, Credit card, ATM related etc.
How to Complain?
- First we should approach the bank for any grievance.
- If the grievance is not settled by the bank in 30 days (If not replied / rejection by bank /reply does not satisfy the customer), then we can approach the banking Ombudsman within 1 year.
- Complaints can be lodged on plain paper or by sending e-mail requests.
- No charges involved.
- Maximum limit of award for bank is Rs.20 lakhs. (Rs.1 lakh in case of credit card related complaints)
- Maximum limit of award for NBFC is Rs.10 lakhs.
- If a customer is not satisfied, either of the parties can approach appellate authority within
30 days. Appellate authority vested with a deputy governor of RBI.
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