Banking Ombudsman Scheme 1995

BANKING OMBUDSMAN SCHEME

The banking ombudsman scheme enables an expeditious and inexpensive forum to bank customers for resolution of complaints relating to certain services rendered by banks. The banking ombudsman scheme is introduced under section 35 A of the banking regulation Act. 1949 by RBI with effect from 1995.

• RBI introduced a banking ombudsman scheme in the country on 14th June 1995 for giving solutions for customer complains.

• Banks can send their complaints to this ombudsman if concerned banks fail to satisfy them. This ombudsman scheme will take action and ensure relief to customers.

• According to RBI all schedule primary co-operative banks & commercial banks & now from 2002 RRBs also included in that.

• Matter reported within the period of 1 month after getting a final reply from concerned bank & after 1 month it will not be entertained.

• Mainly this ombudsman came to overcome the delays in banking facilities.

HANDPICKED RELATED CONTENT: What is SIDBI, Their Mission and Vision

VISION
''To provide an inexpensive, transparent and credible mechanism ensuring fair treatment of the common person utilizing banking services.''