Banking ombudsman act in india

The Banking Ombudsman is a quasi-judicial authority formed with the aim to address and resolve complaints of the Bank’s customers. The Section 35A of the Banking Regulation Act of 1949 deals with the Banking Ombudsman Scheme. Finance and banking aspirants are required to have an understanding of the Banking Ombudsman scheme for the exam as well as practical purposes.

• The Banking Ombudsman Scheme was announced by the Reserve Bank of India (RBI) in 2006.
• The scheme not only covers the scheduled commercial banks but also regional rural banks and scheduled primary cooperative banks.
• Recently, the RBI extended the Banking Ombudsman concept to the NBFC (Non-Banking Financial Institutions) as well.
• Around 15 Banking Ombudsman have been appointed and their offices are mostly situated in the State Capitals.

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More details about the Banking Ombudsman scheme is provided in the following Banking Awareness study notes. Read through the following notes carefully to understand all the aspects of the Banking Ombudsman for both practical as well as examination purposes.

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Banking Ombudsman – Important Facts

• The Banking Ombudsman concept was announced by the Reserve Bank of India in 2006. It was later revised and amended in 2007 and 2009 to provide this office a wider role in the field of customer complaints and to adjudicate disputes. It came into existence on 01st January 2006.
• The Banking Ombudsman Scheme of 2006 is applicable to all the commercial, regional rural, and scheduled primary cooperative banks across the country.
• Any executive of the rank of General Manager or the Chief General Manager or other suitable authority is eligible to be appointed as the Banking Ombudsman.
• The period of office of an Ombudsman is 3 years.
• It is a service without any fees or charges.

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