BANKING AFFAIRS

Detailed explanation-1: -Is there any charge or fee to be paid for filing a complaint with the RBI Ombudsman? No. There is no charge or fee for a customer of the RE for filing or for resolving complaints under the RB-IOS, 2021. Further, complainants need not approach any third-party agency to file a complaint with RBI Ombudsman or pay any fee.

Detailed explanation-2: -Is there any cost involved in filing complaints with Banking Ombudsman? No. The Banking Ombudsman does not charge any fee for filing and resolving customers’ complaints.

Detailed explanation-3: -The monetary disincentive will be in the form of recovery from the concerned bank of cost of redress of complaints by the Ombudsman. The average cost of handling a complaint by the banking ombudsman offices was Rs 3, 145 in 2018-19.

Detailed explanation-4: -However, for any consequential loss suffered by the complainant, the Ombudsman shall have the power to provide a compensation up to Rupees 20 lakh, in addition to, up to Rupees One lakh for the loss of the complainant’s time, expenses incurred and for harassment/mental anguish suffered by the complainant.

Detailed explanation-5: -After a receipt of complaint, the Banking Ombudsman will try to settle the complaint through conciliation (agreement) between the aggrieved parties. If a complaint is not settled by an agreement within a period of one month, the Ombudsman proceeds to pass an award.