BANKING AFFAIRS

Detailed explanation-1: -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-2: -If any customer has a complaint against a bank due to non-payment or inordinate delay in the payment or collection of cheques, complaint can be lodged with the bank concerned. If the bank fails to respond within 30 days, you may make a complaint under “The Reserve Bank-Integrated Ombudsman Scheme (RB-IOS 2021)”.

Detailed explanation-3: -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-4: -Appointment and Tenure of Ombudsman and Deputy Ombudsman (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.

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.