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 ?
three working days of receiving communication from the bank regarding the transaction Further, under RBIs Banking Ombudsman Scheme, customers can lodge a complaint with the Banking Ombudsman against banks, for non-adherence to RBIs instructions regarding mobile/electronic banking services.
Under the Banking Ombudsman Scheme, if a customer does not receive any reply within a period of one month after representation of the receipt by the bank, or is not satisfied with the reply given, he can file a complaint before the Ombudsman.
The Banking Ombudsman Scheme will now cover the sale of insurance, mutual fund or other third party investment products by banks.
RBI introduced the Banking Ombudsman Scheme in 1995.
He traces the development of the banking sector before and after nationalization, the eventual liberalization of banking services (including the development of online and telephone banking), payment and settlement systems, credit information services, changes in the sector's actors (such as mergers, acquisitions and failures), commercial banks in insurance businesses, the banking ombudsman scheme and new generations of banks, corporate governance.
The Reserve Bank of India (RBI) on 14th June 1995 introduced the Banking Ombudsman scheme as a mechanism of effective and economic grievance redressal for bank users.
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.
Customers must have the right to access banking services and to the grievance redressal machinery - to banks' internal mechanism for grievance redressal as well as the Banking Ombudsman Scheme of the Reserve Bank - so that they are not 'excluded' from the banking fold, he exhorted the banks.
A central bank release said, 'Customers must have the right to access banking services and to the grievance redressal machinery, as well as the Banking Ombudsman Scheme of the Reserve Bank, so that they are not 'excluded' from the banking fold.
The Banking Ombudsman Scheme, which was introduced in 1995, provides an additional grievance redressal platform for consumers.
The Banking Ombudsman Scheme has been a real success story, not only with those who have cause to complain, but in reassuring the public.
The Reserve Bank of India, today, released the Annual Report of the Banking Ombudsman Scheme for the year 2014-2015.