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Banking Ombudsman 1 22
Banking Ombudsman 1 22
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Banking Ombudsman
Offices: There are 22 Offices of Banking Ombudsman (OBOs) covering all states
and union territories.
Tenure: The period of appointment is not more than 3 years and can be reduced
by the regulator if needed. The ombudsman is provided with the area of
jurisdiction which he must control, and RBI provides him a Secretariat (office of
Banking Ombudsman) which is a well-developed institution managed by various
individuals.
The Banking Ombudsman Scheme was implemented by the RBI to redress the
complaints of customers on certain types of banking services provided by banks
and to facilitate the settlement of those complaints.
Establishment: The scheme was introduced under the Banking Regulation Act of
1949 by RBI. It can into effect from 1995. Later it was legally refined and modified
through the introduction of regulations under Banking Ombudsman Scheme 2006.
Ombudsman Scheme for Digital Transaction has also been launched. The latest
revision is RBI’s Integrated Ombudsman Scheme, 2021, which has integrated the
previous three schemes
Fees: The Banking Ombudsman does not charge any fee for filing and resolving
customers’ complaints.
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This integrated Scheme has been framed by Reserve Bank of India in exercise of
the powers conferred on it under:
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