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Sujai Adithya
Business Development and Banking & Financial Services Expert
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What does Banking Ombudsman mean?

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Sujai Adithya
Business Development and Banking & Financial Services Expert
  • The Banking Ombudsman Scheme was introduced under Section 35 A of the Banking Regulation Act, 1949 by RBI with effect from 1995.
  • The Banking Ombudsman Scheme was first introduced in India in 1995 and it was revised in 2002.
  • Current Banking Ombudsman Scheme introduced in 2006.
  • From 2002 until 2006, around 36,000 complaints have been dealt by the Banking Ombudsmen.
  • Banking Ombudsman is appointed by Reserve Bank of India.
  • Banking  Ombudsman is a senior official appointed by RBI. He handle and redress customer complaints against deficiency in certain banking services.
  • The offices of Banking Ombudsman is mostly situated at State Capitals.
  • Around 15  Banking Ombudsmen have been appointed.
  • All Scheduled Commercial Banks, Regional Rural Banks and Scheduled Primary Co-operative Banks are covered under the Banking Ombudsman Scheme.

The Banking Ombudsman Scheme is an expeditious and inexpensive forum for bank customers for resolution of complaints relating to certain services rendered by banks. The Banking Ombudsman Scheme is introduced under Section 35 A of the Banking Regulation Act, 1949 by RBI with effect from 1995.