BANKING AFFAIRS

Detailed explanation-1: -(1) The Reserve Bank may appoint one or more of its officers in the rank of Chief General Manager or General Manager to be known as Banking Ombudsmen to carry out the functions entrusted to them by or under the Scheme.

Detailed explanation-2: -(1) The Reserve Bank may appoint one or more of its officers as Ombudsman and Deputy Ombudsman, to carry out the functions entrusted to them under the Scheme. (2) The appointment of Ombudsman or the Deputy Ombudsman, as the case may be, shall be made for a period not exceeding three years at a time.

Detailed explanation-3: -An RBI Ombudsman is a senior official of RBI appointed by RBI to redress the complaints from customers of the REs against “deficiency in service”, as defined under Clause 3(1)(g) of the RB-IOS, 2021.

Detailed explanation-4: -Any executive of the rank of General Manager or the Chief General Manager or other suitable authority is eligible to be appointed as the Banking Ombudsman. The period of office of an Ombudsman is 3 years. It is a service without any fees or charges.

Detailed explanation-5: -Under this, a ‘Banking Ombudsman’ is appointed by the Reserve Bank of India who is a quasi-judicial authority. The customer can lodge a complaint by postal, e-mail, online to the Banking Ombudsman on the complaint of any officer and employee of the bank and for not receiving the services in time.