BANKING AFFAIRS

Detailed explanation-1: -The correct answer is RBI. Banking Ombudsman : The banking ombudsman is an expeditious and inexpensive forum for bank customers for the resolution of complaints related to certain services rendered by banks. The Banking ombudsman is introduced under Section 35, Banking Regulation Act, 1949 by RBI with effect from 1995.

Detailed explanation-2: -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.

Detailed explanation-3: -Grounds of complaints non-payment or inordinate delay in the payment or collection of cheques, drafts, bills etc. any other matter relating to the violation of the directives issued by the Reserve Bank in relation to banking or other services.

Detailed explanation-4: -He/she can give his/her complaint in writing, orally or over telephone. If customer complaint is not resolved within given time or if he/she is not satisfied with the solution provided by the bank, he/she can approach Banking Ombudsman with his/her complaint or other legal avenues available for grievance redressal.

Detailed explanation-5: -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.