Role of Banking Ombudsman in Banking Reforms

Kolekar, Yogesh (2016): Role of Banking Ombudsman in Banking Reforms. Published in: International Journal of Multifaceted and Multilingual Studies , Vol. II, No. Special Issue - II (19 December 2016): pp. 1-7.

Abstract

The Banking Ombudsman is a senior officer appointed by the Reserve Bank of India to resolve the grievance of banking customers. The Banking Ombudsman Scheme is introduced under Section 35A of the Banking Regulation Act, 1949. Any person aggrieved by the decision of the bank can file a complaint, either himself or through his representative other than through an advocate. A Banking Ombudsman can receive a complaint on grounds specified under the Ombudsman Scheme, 2006. All Scheduled Commercial Banks, Regional Rural Banks and Scheduled Primary Co-operative Banks are covered under the Scheme. A banking Ombudsman is a senior officer who is appointed for a period not exceeding three years by the Reserve Bank of India to redress customer complaints against banks for certain grounds provided under the scheme.

• Item Type: MPRA Paper
• Language: English
• Keywords: Banking Ombudsman, Banking Ombudsman Scheme, Banking Regulation Act, 1949
• Subjects: K - Law and Economics > K4 - Legal Procedure, the Legal System, and Illegal Behavior > K41 - Litigation Process

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