Banking Ombudsman

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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 ?
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 has set up an internal working group to look into widening the scope of the Ombudsman, which was created under the Banking Ombudsman Scheme.
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.