Banking Ombudsman: to the aid of the customer
By Joseph Samson
Print    Email    RSS   

Customers have been often found to be aggrieved by deficiency in appropriate service by banks. Be it a delay in check payment or remittance facility or any other kind of service, grievances of the customer against banks have been many.

In order to address the complaints and grievances of customers against banks, a forum has been formed known as the Banking Ombudsman. The concept of Banking Ombudsman was introduced in India in the year 1995. It was revised thereafter in the years 2002 and 2006.

The Banking Ombudsman is appointed by Reserve Bank of India. He is a senior official appointed from the staff of the office of RBI. Unlike many other sectors where the senior authority usually a retired official holding top positions in government institutions/banks, the banking ombudsman is an in-service official of RBI mostly chief general managers/senior general managers.

Under the amendment in the year 2006, it was decided that the banking ombudsman should not be from any bank and should solely be from the staff of RBI so as to maintain the idea of impartial justice.

There are 15 offices of banking ombudsman in India presently. A customer has to file his complaint to the nearest office in his area.

The office of Banking Ombudsman handles issues against all commercial banks, cooperative banks as well as regional rural banks (RRBs).

It handles cases related to any kind of trouble faced by the customer in availing banking services which he has a right in. It also addresses to cases related to internet banking. It takes up cases having valuation less than Rs 10 lakhs. In case the customer has been made to go through phase of mental harassment and agony in the process, he can also be compensated by Banking Ombudsman in genuine cases.

Page  | 123 |  
(Comments Posted : 3) Post Your Comments
1. Welcome to Thomas Credit Firm, I am an international business man and Lender that has offered Loans to so various individual and firms in Europe, Asia, Africa and other parts of the world. We give out our Loan for a interest rate of 2% per annul for a minimum of 100.00 to a maximum of 100,000,000.00 rubles, dollars, pounds, euros, etc. The maximum loan term we can offer is 30 Years at fixed interest rate.
Available Loans
* Personal Loans (Secure and Unsecured)
* Business Loans (Secure and Unsecured)
* Combination Loan (Secure and unsecured)
* Consolidation Loan (Secure and unsecured)
* Mortgage Loans (Secure and unsecured)

Interested candidates should please contact us today for your online quick and easy loan without collateral deposits. Email:

Thomas Dawson (Posted: Jul 9, 2015)
2. Do not use all of these Private Money Lender here, there are not legitimate and if they have a free email account tag i.e. yahoo, gmail, hotmail, live etc then they are not legitimate. If they have telephone number with international dialing codes from Nigeria, India, UK, Singapore and France then you have to beware. A legitimate company would have a genuine website, personalized email address/account and based in the country they claim they are. I would recommend anyone looking a a serious/honest loan lender to visit: DAVID HERLEY FINANCE HOME BASED IN THE USA and their reputation speaks louder than others in the industry when it come to obtaining all kinds of loan, mortgage, debt consolidation and Real Estate Loans. Their full website information and contact details are tel no: +1 (321)-323-1809, Website: or Email: located in Orlando, Florida. USA.
Ron Collins (Posted: Dec 17, 2014)
3. Sir, as one of the officers currently working in one of the Banking Ombudsman's Offices in India, I feel thankful to the author of this article for providing information regarding the Banking Ombudsman Scheme which would undoubtedly be of immense utility to ordinary, unprivileged bank customers, it is important to note that the Banking Ombudsman is conceived as a forum for amicable settlement of disputes between banks and their customers. It deals with only certain selected categories of grievances, and the exact details of these eligible categories are specified in clause 8 of the Scheme. [One could download the Scheme from the RBI Website]. Furthermore, disputes must be raised before the Ombudsman within one year from the date of receipt of reply from the concerned bank in the event of the solution proposed by the bank is found unsatisfactory, or, where the bank has failed to furnish a formal reply to the initial complaint, within 13 months from the date of actually lodging the same with the bank. The rationale of the Scheme is to provide a means for amicable resolution to the eligible categories of disputes and where deemed appropriate, expeditious relief to aggrieved customers which is deemed reasonable considering the facts and circumstances of each case and which need not necessarily be a handsome compensation. Pursuit of vindictive attitude will not be encouraged, inasmuch as the Scheme is basically predicated on the assumption that the relationship between the bank and the complainant-customer is a continuing, enduring one, notwithstanding occasional grievances and disputes.
Aditham Subbarao (Posted: Aug 23, 2012)
Show All Comments
 Select a product:

 Select a product:

NRI Banking in India
Your EMIs may help you to reduce your tax...
Carnival of Indian Personal Finance Blogs #6
A chronicle of excesses by loan recovery...
What if you default on your loan?

i am open anew farm so iam need a loan in hdfc bank
PINJORE: CaℒL Giℛℒs In PiNjOrE 09915787550...
PINJORE: CaℒL Giℛℒ In PiNjOrE 09915787550...
how to gate my home loan certificate

Canara Bank earned a profit of 60%. Feb 6, 2015
New Branch of Laxmi Vilas bank at Vijayawada Jan 30, 2015
Home loan EMIs expected to drop down Jan 21, 2015
Corporation Bank received MSME banking excellence award 2014 Jan 19, 2015
Home loan rates set to fall, after reduction in repo rate Jan 16, 2015
News Archive