RBI releases Annual Report of the Banking Ombudsman Scheme - RBI - Reserve Bank of India
RBI releases Annual Report of the Banking Ombudsman Scheme
The Reserve Bank of India, today, released the Annual Report of the Banking Ombudsman Scheme for the year 2015-2016. Highlights
The Scheme The Banking Ombudsman Scheme, 1995 was notified by the Reserve Bank of India on June 14, 1995 under section 35A of the Banking Regulation Act, 1949. The aim and objective of the Scheme is to provide a quick and cost free resolution mechanism for complaints relating to deficiency of banking services of common bank customers, who otherwise find it difficult or cost prohibitive to approach any other redressal fora such as courts. The Scheme is applicable to Scheduled Commercial Banks, Scheduled Primary Urban Co-operative Banks and the Regional Rural Banks. The Scheme has undergone several revisions during the years 2002, 2006, 2007 and 2009. Presently, the Banking Ombudsman Scheme 2006, (BOS) as amended up to February 3, 2009, is in operation. There are 15 Banking Ombudsmen with specific State-wise jurisdiction covering all the 29 States and 7 Union Territories. Alpana Killawala Press Release : 2016-2017/1464 |