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What does banking ombudsman offers?

Banking Ombudsman

Basha Shaikh

29 May 2008

The Banking Ombudsman, promoted by Reserve Bank of India (RBI) provides speedy solutions to the grievances faced by the customers from various banks. It addresses grievances by way of its legal framework and redressal is done accordingly. It is set up specifically for handling grievances related to banking services and related matters under its purview.

It was first set up in 1995 and its role was revised in 2002. In the last five years it has recorded around 36000 complaints which have been dealt with.

Incase of any dispute with the bank regarding charges, first you have to register a complaint on the bank site and take an acknowledgment copy of it. Any dispute raised on the telephone have no legal standing, hence you should ensure you have an acknowledgment copy of any dispute filed by you. If the bank does not rule in your favor despite the fact that you are not at fault, you should immediately complain to Banking Ombudsman having jurisdiction over your area. Details are available on www.bankingombudsman.rbi.org.in
Before registering a complaint to the Banking Ombudsman, you should know about the nature of complaints banking ombudsman considers.

The Banking Ombudsman can receive and consider any complaint relating to the following discrepancies in banking services:

  • 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 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.
  • Delays in receipt of export proceeds, handling of export bills, collection of bills etc., for exporters provided the said complaints pertain to the bank's operations in India;
  • 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; and
  • Any other matter relating to the violation of the directives issued by the Reserve Bank in relation to banking or other services.