BANKING AFFAIRS

Detailed explanation-1: -The Banking Ombudsman Scheme is an expeditious and inexpensive forum for 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.

Detailed explanation-2: -it is necessary to issue directions to banking companies generally or to any banking company in particular, it may, from time to time, issue such directions as it deems fit, and the banking companies or the banking company, as the case may be, shall be bound to comply with such directions.

Detailed explanation-3: -When was the Banking Ombudsman Scheme introduced? The Banking Ombudsman Scheme was first introduced in 1995 and was revised in 2002. Over the past five years, around 36, 000 complaints have been dealt by the Banking Ombudsmen.

Detailed explanation-4: -The Reserve Bank had first introduced the Banking Ombudsman Scheme in 1995 to provide expeditious and inexpensive forum to bank customers for resolution of their complaints relating to deficiency in banking services.