Banking Ombudsman Scheme (India)

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Banking Ombudsman is a quasi-judicial authority created in 2006, and the authority was created pursuant to a decision made by the Government of India to enable resolution of complaints of customers of banks relating to certain services rendered by the banks. The Banking Ombudsman Scheme was first introduced in India in 1995 and was revised in 2002. The current scheme became operative from 1 January 2006, and replaced and superseded the banking Ombudsman Scheme 2002. Presently the Banking Ombudsman Scheme 2006 (As amended up to 1 July 2017) is in operation. [1]

From 2002 until 2006, around 36,000 complaints have been dealt by the Banking Ombudsmen. There are 22 regional offices of Banking Ombudsmen in India. The latest offices are opened in Jammu, Raipur, Mumbai-II & New Delhi-III.[ citation needed ]

The type and scope of the complaints which may be considered by a Banking Ombudsman is very comprehensive, and it has been empowered to receive and consider complaints pertaining to the following;

Vide their Circular No.CSD.BOS.4638/13.01.01/2006-07 dated 24 May 2007, the Reserve Bank of India has amended their Banking Ombudsman Scheme, 2006 and the scheme shall be operative with amended effect.

Update: Vide their Notification Ref. CEPD. PRD. No.S873/13.01.001/2021-22, the Reserve Bank of India has introduced a new Integrated Ombudsman Scheme on 12 November 2021. [3]

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References

  1. "Reserve Bank of India - Frequently Asked Questions".
  2. "Reserve Bank of India". Archived from the original on 8 January 2012. Retrieved 7 January 2012.
  3. "Reserve Bank of India - Notifications".