BANKING OMBUDSMAN SCHEME 2006
Published at : 09 Jan 2021
BANKING OMBUDSMAN SCHEME, 2006
The Scheme is introduced with the object of resolution of complaints relating to certain services rendered by banks and to facilitate the satisfaction or settlement of such complaints through conciliation and mediation between bank and customer OR by passing an award
The Reserve Bank may appoint one or more of its officers in the rank of Chief General Manager or General Manager to be known as Banking Ombudsmen to carry out the functions entrusted to them by or under the Scheme.
The appointment of Banking Ombudsman under the above Clause may be made for a period not exceeding three years at a time
The office of the Banking Ombudsman shall be located at such places as may be specified by the Reserve Bank.
In order to expedite disposal of complaints, the Banking Ombudsman may hold sittings at such places within his area of jurisdiction as may be considered necessary and proper by him in respect
(a) non-payment or inordinate delay in the payment or collection of cheques, drafts, bills etc.
(b) non-acceptance, without sufficient cause, of small denomination notes tendered for any purpose, and for charging of commission in respect thereof;
(d) non-payment or delay in payment of inward remittances
(e) failure to issue or delay in issue of drafts, pay orders or bankers‘ cheques
(f) non-adherence to prescribed working hours
(g) failure to provide or delay in providing a banking facility (other than loans and advances) promised in writing by a bank or its direct selling agents
(c) non-acceptance, without sufficient cause, of coins tendered and for charging of commission in respect thereof