Enables an expeditious and inexpensive forum to bank customers for resolution of complaints relating to certain services rendered by bans. The Banking Ombudsman Scheme is introduced under Section 35A of the Banking Regulation Act, 1949 by RBI with effect from 1995.
- To facilitate the resolution of complaints relating to banking services through concillation and mediation between the bank the aggrieved parties or by passing an award.
- The banking ombudsman is a seniour official appointed by the rbi to redress customer complaints against deficiency in certain banking services.
- All scheduled commercial banks,regional rural banks and scheduled primary co operative banks are covered unde the scheme.
As on date, fifteen Banking Ombudsman have been appointed with their offices located mostly in the state capitals.