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Banking Ombudsman
The Ombudsman Scheme seeks to establish a system of expeditious and inexpensive resolution to customer complaints. Any person whose grievance against a bank is not resolved to his satisfaction by that bank within a period of two months, he can approach the Banking Ombudsman if his complaint pertains to any of the matters specified in the Scheme.
Banking Ombudsman have been authorised to look into the complaints concerning (a) deficiency in banking service; (b) sanction of loans and advances insofar as they relate to non-observance of the Reserve Bank directives on interest rates, delays in sanction or non-observance of prescribed time schedule for disposal of loan application or non-observance of any other directions or instructions of the Reserve Bank, etc. and (c) other matters as may be specified by the Reserve Bank.
Ombudsman would make recommendations after listening to both parties. In case the recommendation made by the Banking Ombudsman is not accepted by either of the parties, Banking Ombudsman proceeds to make an award.
The Scheme is applicable to all scheduled commercial banks having business in India and scheduled primary co-operative banks except Regional Rural Banks.
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