The Banking Ombudsman Scheme, 2006: Purpose, Extent, Definitions, Establishment and Powers: Jaiib/DBF Paper 3 (Module C) Unit-8

The Banking Ombudsman Scheme, 2006: Purpose, Extent, Definitions, Establishment and Powers: Jaiib/DBF Paper 3 (Module C) Unit-8

Dear bankers,

As we all know that is The Banking Ombudsman Scheme, 2006: Purpose, Extent, Definitions, Establishment and Powers  for JAIIB Exam. JAIIB exam conducted twice in a year. So, here we are The Banking Ombudsman Scheme, 2006: Purpose, Extent, Definitions, Establishment and Powers (Unit-8), Banking Related Laws (Module C), Legal & Regulatory Aspects of Banking -Paper 3.

♦Object of Scheme and Extent

  • To resolve complaints relating to banking services and to facilitate the satisfaction or settlement of such complaints.
  • Resolve disputes between a bank and its constituents as well as amongst banks, through the process of conciliation, mediation and arbitration.

♦Appointment and Tenure

  • The Reserve Bank may appoint one or more of its officers in the rank of Chief General Manger or General Manager to be Know as the Banking Ombudsmen to carry out the functions entrusted to them by or under the scheme. This appointment may be made for a period not exceeding 3 yrs at a time.

♦Territorial Jurisdiction and location of office

  • The RBI shall specify the territorial limits to which the authority of each of the banking ombudsman shall extend.
  • The office of the banking ombudsman will be located at such places as may be specified by the Reserve Bank.
  • The Banking ombudsman may hold sittings at such places within his area of jurisdiction as may be considered necessary and proper by him, in respect of a complaint or reference before him.

♦General Powers of Banking Ombudsman

The Banking ombudsman shall have the following powers and duties.

  • To receive complaints relating to banking services.
  • To consider such complaints relating to the deficiencies in the banking and other services and facilitate their satisfaction or settlement by agreement through conciliation and mediation between the bank the aggrieved parties or by passing an award in accordance with the scheme.

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