Consumer Blog

It seems, many people are not aware about RBI (Reserve Bank Of India)’s Banking Ombudsman Scheme (PDF Document) or availing this useful scheme. One must read and learn about this scheme if one has a bank account, bank loans or thinking of applying for car loans, home loans, credit card or any banking activities.

This is a scheme launched by Reserve bank of India which protects consumers from many banking problems! If you have been denied a loan, delay in check clearing in your account, than you can approach Banking Ombudsman for solution. RBI is very strict and efficient in every Banking Ombudsman Complaints.

Recently, RBI has announced revised “Banking Ombudsman Scheme with enlarged scope to include customer complaints on certain new areas, such as, credit card complaints, deficiencies in providing the promised services even by banks’ sales agents, levying service charges without prior notice to the customer and non adherence to the fair practices code as adopted by individual banks. Applicable to all commercial banks, regional rural banks and scheduled primary cooperative banks having business in India, the revised scheme will come into effect from January 1, 2006.” Full text here.

You can approach Banking Ombudsman and claim compensation from banks if you are :- ( Here I am listing few important points only. For complete list, please download the file from here. )

1. refusal to open deposit accounts without any valid reason for
refusal;
2. non-observance of Reserve Bank guidelines on engagement of
recovery agents by banks; ( Click here for RBI Recovery Agents Guidelines )
3. non-payment or inordinate delay in the payment or collection of
cheques, drafts, bills etc.;
4. failure to issue or delay in issue of drafts, pay orders or bankers’
cheques;
5.forced closure of deposit accounts without due notice or without
sufficient reason;