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Jan 07, 2013, 09.09 PM | Source: PTI

RBI appoints working group to review Ombudsmen Scheme

Seeking to improve banking services and ensure speedy redressal of grievances of customers, the Reserve Bank of India has set up a working group to update the Banking Ombudsman Scheme, 2006.

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RBI appoints working group to review Ombudsmen Scheme

Seeking to improve banking services and ensure speedy redressal of grievances of customers, the Reserve Bank of India has set up a working group to update the Banking Ombudsman Scheme, 2006.

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Seeking to improve banking services and ensure speedy redressal of grievances of customers, the Reserve Bank of India has set up a working group to update the Banking Ombudsman Scheme, 2006.

The working group, to be headed by senior RBI official Suma Varma, will also take into account recommendations of the Damodaran Committee on improvement of customer services in banks and suggestions of the Rajya Sabha Committee on subordinate legislation.

Also read: RBI proposal may boost gold loan companies' growth: ICRA

"With a view to examine the Scheme in its entirety, an internal working group has been constituted in RBI under the Chairmanship of Suma Varma, Chief General Manager, Customer Service Department, RBI," said the Annual Report of the Banking Ombudsman Scheme, 2011-12.

The Group will include two Banking Ombudsmen, representatives from regulatory wings of RBI, Indian Bank's Association (IBA) and Banking Codes and Standards Board of India (BCSBI).

The working group will identify grounds of complaints that have become redundant and add new grounds reflecting aspirations of customers.

It would also examine the possibility of extending the scheme to cooperative banks and review the grounds of appeal under the BOS.

The Damodaran Committee was set up in 2010 by RBI to look into banking services rendered to retail and small customers, including pensioners and also to look into the system of grievance redressal mechanism prevalent in banks, its structure and efficacy and suggest measures for expeditious resolution of complaints.

BOS was notified in 1995 and has been revised four times since then in 2002, 2006, 2007 and 2009 to make it more relevant and effective.

Presently, there are 15 Banking Ombudsmen with specific jurisdiction covering the 29 states and seven Union Territories.
 
The BOS covers grievances related with credit card complaints, internet banking, deficiencies in providing the promised services by bank and its sales agents, levying service charges without prior notice to the customers etc.

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