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Banking Ombudsman Scheme, 2002
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1. What does the Banking Ombudsman Scheme (the Scheme) offer you? - The Banking Ombudsman Scheme, 2002 (which has been brought into force w.e.f 14th June 2002), offers you recourse for resolution of;
- your complaints, by the Banking Ombudsman, against your bank, in respect of such services of the bank which are stipulated under the Scheme; and
- resolution of claim of the bank against you, by the Banking Ombudsman (as an arbitrator), provided that the value of the claim in such dispute does not exceed Rs.10 lakhs ;
without affecting your right to go to court, in case you are not satisfied with the Award of the Banking Ombudsman, under the Scheme. 2. How does Banking Ombudsman assume jurisdiction under the scheme? - Under the Scheme, the Banking Ombudsman assumes jurisdiction on receipt of complaints against a bank alleging deficiency in banking service for consideration and resolution of such complaints.
- As an arbitrator, the Banking Ombudsman assumes jurisdiction on receipt of reference of a dispute (between a bank and its constituents or between a bank and another bank) with mutual consent of both the parties, for arbitration.
3. What sort of disputes the Banking Ombudsman can consider in respect of deficiency in banking service? - Banking Ombudsman is competent to receive and consider complaints of following nature;
- non-payment/inordinate delay in the payment or collection of cheques, drafts, bills, etc;
- non-acceptance, without sufficient cause, of small denomination notes tendered for any purpose, and for charging of commission in respect thereof;
- non-issue of drafts to customers and others;
- non-adherence to prescribed working hours by branches;
- failure to honour guarantee/letter of credit commitments by banks;
- claims in respect of unauthorized or fraudulent withdrawals from deposit accounts, or fraudulent encashment of a cheque or a bank draft, etc;
- complaints pertaining to the operations in any savings, current or any other account maintained with a bank, such as delays, non-credit of proceeds to parties' accounts, non-payment of deposit or non-observance of the Reserve Bank directives, if any, applicable to rate of interest on deposits;
- complaints from exporters in India such as delays in receipt of export proceeds, handling of export bills, collection of bills, etc. provided the said complaints pertain to the bank's operations in India;
- complaints from Non-Resident Indians having accounts in India in relation to their remittances from abroad, deposits and other bank-related matters;
- complaints pertaining to refusal of open deposit accounts without any valid reason for refusal and
- any other matter relating to the violation of the directives issued by the Reserve Bank in relation to banking service.
4. How does Banking Ombudsman function as an arbitrator? - Banking Ombudsman functions as an arbitrator in respect of any dispute (between a bank and its constituents or
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