BANKING AFFAIRS

Detailed explanation-1: -The Banking Ombudsman’s powers and duties will be:-(a) to receive complaints relating to the provision of banking services. (b) to consider such complaints and facilitate their satisfaction, or settlement by agreement, by making a recommendation, or Award in accordance with this scheme.

Detailed explanation-2: -Meaning of Ombudsman: The Banking Ombudsman is a senior official appointed by the RBI. He has the responsibility 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 under the Scheme.

Detailed explanation-3: -This is inclusive of all the Scheduled Commercial Banks, Regional Rural Banks and Scheduled Primary Co-operative Banks in the country. These twenty-two officers resolve complaints regarding banks in all Indian states and union territories under their jurisdiction.

Detailed explanation-4: -The orders passed by the Banking Ombudsman are not final and are then shared with Appellate Authority who gives the decision according to appeal. Appellate Authority is the Deputy Governor in charge of the Department of the Reserve Bank implementing the Scheme.