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Banking ombudsman scheme 2006

Read Banking ombudsman scheme 2006.Banking ombudsman is very important for the grievance redressal of the customer and it was started in the year 2006 following the banking regulation ACT 1949. Here are some details about the ombudsman which the candidates need to know who are going to appear for the examination or interviews.

Banking ombudsman scheme 2006

As these days is very hot topic of concern and candidates will need to understand the procedure to apply and reach ombudsman and its functions as laid down by the reserve bank of India. Generally the ombudsman’s is commissioned by the reserve bank of India for a period of 3 years. He/. She is generally f the rank of Chief General manager or General manager and he/ she is required to solve the problem related to the customer service if the customer reach the ombudsman. There are certain codes of conduct which all the private and public sector banks have to follow. If they do not follow this or the customer is not satisfied he/ she can approach the ombudsman.

Details about Banking ombudsman for the exam

Candidates need to know that any customer can reach the ombudsman if he/ she is not satisfied with the customer service or the reply of the bank. At first he / she is required to go the manager of that branch for the solution of the problem and if he is not satisfied he can reach the ombudsman. Banks have to follow the codes and standards as laid down by BSBCI. These are

  • It provides protection to customer and explains how banks are expected to deal with customer for customer’s day-to-day operations.
  • These codes are applicable to all the banking products and services provided by the banks and their subsidiaries.

If the customer is further not satisfied with the banking ombudsman he / she can file the appeal in appellate tribunal. Based on the condition the appellate tribunal may

  1. Keep the same reward as given by the BO
  2. Reject the reward and ask for a new solution
  3. Modify the reward
  4. Pass any other order as according to the situation

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