BANKING AFFAIRS

Detailed explanation-1: -(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-2: -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-3: -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-4: -Complainants can appeal against the decision of the Banking Ombudsman in respect of complaints falling on such grounds as specified in the Scheme. The Appellate Authority is the Deputy Governor in charge of the Banking Ombudsman Scheme.

Detailed explanation-5: -(1) Any person who has a grievance against a bank, may himself or through an authorised representative make a complaint in writing to the Banking Ombudsman within whose jurisdiction the branch or office of the bank complained against is located.