BANKING AFFAIRS

Detailed explanation-1: -The Ombudsman may award a compensation not exceeding ₹1 lakh to the complainant for loss of the complainant’s time, expenses incurred, harassment and mental anguish suffered by the complainant. 24. What happens after a complaint is received by the RBI Ombudsman?

Detailed explanation-2: -The amount, if any, to be paid by the bank to the complainant by way of compensation for any loss suffered by the complainant is limited to the amount arising directly out of the act or omission of the bank or ₹ 20 lakhs (₹ Two Million), whichever is lower.

Detailed explanation-3: -The Banking Ombudsman may award compensation not exceeding ₹ 1 lakh (₹ One Hundred Thousand) to the complainant for mental agony and harassment.

Detailed explanation-4: -Compensation not exceeding rupees hundred thousand can also be awarded by the Banking Ombudsman to the complainant for loss of time, expenses incurred as also, harassment and mental anguish suffered by the complainant.

Detailed explanation-5: -Is there any maximum limit for the amount under dispute that can be entertained by the Ombudsman? Yes. The maximum limit for the amount under dispute for which the Ombudsman can entertain a complaint is up to Rs. 20 lakhs.