The Reserve Bank of India also governs the Banking Ombudsman Scheme which provides an “expeditious and inexpensive forum to bank customers for resolution of their complaints relating to banking services.” The objective of the Banking Ombudsman Scheme is to be a visible and reliable system of dispute resolution mechanism for bank customers.
Though the Ombudsman was launched way back in 1995, how many among us are really aware of when and how to approach the Banking Ombudsman? Thankfully, as always, the Reserve Bank of India has recently released a guide on this very topic.
As the report points out,
Two major challenges in effective implementation of Banking Ombudsman Scheme are creating widespread awareness about the Scheme and providing easy access to grievance redressal under the Scheme.
By publishing this post, I have, hopefully, managed to address the first challenge to a small extent. I’d like you to continue this effort by forwarding this post (or the guide) to whoever you believe can benefit from reading it.
Awareness Fridays is my initiative to spread awareness on topics relevant to personal finance — every Friday. I urge you to take some time off and absorb this information — it’s pretty useful. And, as always, do spread the word if you find this useful.