What is banking Ombudsman ?

Banking Ombudsman:  

  • The central bank introduced the banking ombudsman scheme in 1995 to provide resolve banks' customers complain at fast track.
  • By contrast, internal ombudsman will be a forum available to bank customers for grievance redressal before they can even approach RBI's banking ombudsman.
  • Banking Ombudsman is a quasi judicial authority functioning under India's Banking Ombudsman Scheme 2006.
  • The authority was created pursuant to a decision made by the Government of India to enable resolution of complaints of customers of banks relating to certain services rendered by the banks.
  • The Scheme has come into force from January 1, 2006.
  • The Banking Ombudsman is person appointed by the Reserve Bank of India to redress customer complaints against certain deficiency in banking services.
  • The Banking Ombudsman is a quasi judicial authority. It has power to summon both the parties - bank and its customer, to facilitate resolution of complaint through mediation.
  • As on date, 15 Banking Ombudsmen have been appointed with their offices located mostly in the State Capitals.
  • The addresses of the Banking Ombudsman offices have been provided in the RBI website.All Scheduled Commercial Banks, Regional Rural Banks and Scheduled Primary Co-operative Banks are covered under the Scheme.