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Ombudsman in reserve bank of india

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Ombudsman in reserve bank of india

  1. 1. NOTE ON OMBUDSMAN IN RESERVE BANK OF INDIA What is Banking Ombudsman Scheme? Banking Ombudsman Scheme enables the people to file a complaint to resolve the banking issues. Banking Ombudsman Scheme, 2006 was introduced with the objective of enabling resolution of complaints relating to certain services rendered by banks and to facilitate the satisfaction or settlement of such complaints. Who is a Banking Ombudsman? He / She is a quasi-judicial authority functioning under India’s Banking Ombudsman Scheme 2006. This person is a senior official appointed by the Reserve Bank of India to redress customer complaints against deficiency in certain banking services.  As on date, fifteen Banking Ombudsmen have been appointed with their offices located mostly in state capitals. What are the grounds of complaints? The Banking Ombudsman can receive and consider any complaint relating to the following deficiency in banking services (including internet banking)  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 in respect thereof  Non-acceptance, without sufficient cause, of coins tendered and for charging of commission in respect thereof  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 provide or delay in providing a banking facility (other than loans and advances) promised in writing by a bank or its direct selling agents  Delays, non-credit of proceeds to parties’ accounts, non-payment of deposit or non-observance of the reserve bank directives, if any, applicable to rate of interest on deposits in any savings, current or other account maintained with a bank  Complaints from non-resident Indians having accounts in India in relation to their remittances from abroad, deposits and other bank-related matters;
  2. 2.  Refusal to open deposit accounts without any valid reason for refusal  Levying of charges without adequate prior notice to the customer  Non-adherence by the bank or its subsidiaries to the instructions of reserve bank on atm/debit card operations or credit card operations  Non-disbursement or delay in disbursement of pension (to the extent the grievance can be attributed to the action on the part of the bank concerned, but not with regard to its employees)  Refusal to accept or delay in accepting payment towards taxes, as required by reserve bank/government  Refusal to issue or delay in issuing, or failure to service or delay in servicing or redemption of government securities  Forced closure of deposit accounts without due notice or without sufficient reason  Refusal to close or delay in closing the accounts  Non-adherence to the fair practices Code as adopted by the bank or non-adherence to the provisions of the code of banks commitments to customers issued by banking codes and standards board of India and as adopted by the bank  Non-observance of reserve bank guidelines on engagement of recovery agents by banks and  Any other matter relating to the violation of the directives issued by the reserve bank in relation to banking or other services.  A customer can also lodge a complaint on the following grounds of deficiency in service with respect to loans and advance  Non-observance of reserve bank directives on interest rates  Delays in sanction, disbursement or non-observance of prescribed time schedule for disposal of loan applications  Non-acceptance of application for loans without furnishing valid reasons to the applicant and  Non-adherence to the provisions of the fair practices code for lenders as adopted by the bank or code of bank’s commitment to customers, as the case may be  Non-observance of any other direction or instruction of the reserve bank as may be specified by the reserve bank for this purpose from time to time.  The banking ombudsman may also deal with such other matter as may be specified by the reserve bank from time to time When and How to file online complaint?  When?  If the complainant has not received a reply from the bank within one month from the date of receipt of complaint by the bank, or
  3. 3.  If the bank has rejected the complaint, or  The complainant is not satisfied with the bank's reply.  How?  Visit online complaint.  Select BO office (Banking Ombudsman).  The complainant will be asked to fill Bank name, branch name, Complaint name, Mobile no.  Fill up the form with necessary details and Click “SAVE”  After the submission of the application, the user can upload supporting documents by clicking on upload option. Wherein, supporting document pertains to copy of complaint, bank reply, evidence etc. The complainant will get acknowledgement of complaint once review is done by Ombudsman. Within 30 days from the complaint, the Ombudsman is supposed to resolve the issue. What are some casesresolvedby Ombudsmen?  Fraudulent collection of cheques  A complaint was lodged regarding fraudulent encashment of a cheque for ₹ 2,36,337 issued in favour of beneficiary drawn on collecting bank. The complainant stated that he deposited the cheque in collecting bank for collection.  It was informed by issuing bank that the said cheque was missing, and it already stood cleared in Cheque Truncation System. On further investigation, it was found that the cheque was credited in the account of a third person in some other bank (neither issuing nor collecting).  He had further stated that as per police investigation, cheque was not stolen from issuing bank and also the cheque was not verified under UV scanner. The Issuing bank in its reply submitted that the fraud did not occur at their branch. The third bank opened an account of a fraudulent person and made payment in his account. CCTV footage from issuing bank was taken by police.  Police did not find any evidence that the cheque was stolen from issuing bank. The third bank was advised to submit original cheque and KYC documents of the account in which cheque was credited which in its reply stated that the account of third person (beneficiary of cheque amount) was opened with due diligence and proper KYC documents were obtained.  The third bank was given ten days' time to investigate the matter. It was advised to send the cheque to a forensic lab for investigation and in the meanwhile pay the disputed amount to complainant. Eventually, the third bank remitted ₹ 2,38,337 to the complainant.  More cases can be found in the link below; - https://rbidocs.rbi.org.in/rdocs/Content/PDFs/71337.pdf

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