Banking Ombudsman

(redirected from Banking Ombudsman Scheme)
Also found in: Wikipedia.

Banking Ombudsman

An institution that receives and deals with disputes related to banking and financial services. Examples of complaints an ombudsman might handle include non-payment of a check and refusal to honor a duly issued letter of credit. Banking ombudsman services exist in countries like the United Kingdom and India, though other nations have similar organizations.
References in periodicals archive ?
The RBI said that the Banking Ombudsman Scheme had been able to dispose of 94 percent of the 77,507 complaints received by it in 2011-12.
The annual report of the Banking Ombudsman Scheme - which is being amalgamated with the new 'super-watchdog' Financial Services Authority - contains stinging criticism of some banks, especially over the sale of endowment mortgages.
The Banking Ombudsman Scheme has been a real success story, not only with those who have cause to complain, but in reassuring the public.