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Reserve Bank tightens ombudsman scheme
News:
- RBI has taken steps to strengthen the grievance redressal mechanism for customers.
Important Facts:
2. Reserve Bank of India has tightened the Banking Ombudsman Scheme 2018.
3. Under the scheme the following recommendation were made with respect to customer:
- Commercial banks having 10 or more banking outlets to have an independent internal ombudsman (IO) to review customer complaint.
- Ombudsman will examine customer complaint in case of deficiency in services provided by bank.
- However instructions are not applicable for Regional Rural Banks.
- Bank to escalate the caseto Internal Ombudsman before giving final decision to complainant (IO)
- Customer may not need to approach directly to IO
4. Features of the scheme includes:
- It will provide appointment/tenure, roles and responsibilities, procedural guidelines and oversight mechanism.
- Fixed term from three to five years for Ombudsmanwhich cannot be renewed.
- IOs can only be removed by RBI.
5. The implementation of IO Scheme 2018 will be monitored by the bank’s internal audit mechanism apart from RBI.
