Banking Ombudsman Scheme

Banking Ombudsman Scheme

Banking Ombudsman Scheme

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Banking Ombudsman is a quasi judicial authority functioning under India’s Banking Ombudsman Scheme 2006, and the authority was created pursuant to the a decision by the Government of India to enable resolution of complaints of customers of banks relating to certain services rendered by the banks. The Banking Ombudsman Scheme was first introduced in India in 1995, and was revised in 2002. The current scheme became operative from 1st January 2006, and replaced and superseded the banking Ombudsman Scheme 2002. From 2002 until 2006, around 36,000 complaints have been dealt by the Banking Ombudsmen.

Type of complaints

  • The type and scope of the complaints which may be considered by a Banking Ombudsman is very comprehensive, and it has been empowered to receive and consider complaints pertaining to the following:

  • Non-payment or inordinate delay in the payment or collection of cheques, drafts, bills, etc.;

  • Non-acceptance, without sufficient cause, of small denomination notes tendered for any purpose, and for charging of commission for this service;

  • Non-acceptance, without sufficient cause, of coins tendered and for charging of commission for this service;

  • Non-payment or delay in payment of inward remittances ;

  • Failure to issue or delay in issue, of drafts, pay orders or bankers’ cheques;

  • Non-adherence to prescribed working hours;

  • Failure to honour guarantee or letter of credit commitments;

  • Failure to provide or delay in providing a banking......
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