The Reserve Bank of India has appointed Shri M. V. S. Chalapathi Rao as the Banking Ombudsman for the states of Orissa with effect from February 13, 2003. As Banking Ombudsman, Shri Chalapathi Rao will have his office at the Reserve Bank of India Building, Pt. Jawaharlal Nehru Marg, Bhubaneshwar-751 001.

The Banking Ombudsman Scheme was introduced in June 1995 with a view to providing to the bank customers quick and low-cost redressal of grievances relating to banking services. Its scope of authority and functions include redressal of grievances against deficiency in banking services, concerning loans and advances and other specified matters and arbitration for specified disputes. All commercial banks, regional rural banks and scheduled primary co-operative banks are covered under the Banking Ombudsman Scheme.