|
Banking Ombudsman
1. Minimum age of the person 65 years.
2. Appointment may be made for period of 3 years but the same is extendable for 2 years.
3. May be removed by giving three months notice/by paying three months emoluments.
4. Banking Ombudsman is appointed by a committee of 3 Dy. Governers of RBI and the additional secretary, Finance.
5. Banking ombudsman resolve the dispute between banks or between bank and its customer by arbitration reference if both the parties to the complaint agree for such reference for arbitration and if value of the claim does not exceed Rs. 10 lakhs.
Grounds of Complaint
A Complaint on any of the following grounds alleging deficiency in banking service may be filed with the Banking Ombudsman having the jurisdiction:
1. non-payment/inordinate delay in the payment/collection of cheques
2. non-acceptance, without sufficient cause, of small denomination notes
3. non-issue of drafts
4. non-adherence to prescribed working hours
5. failure to honour guarantee/LC commitments by banks.
6. claims in respect of unauthorized/fraudulent withdrawals.
7. complaints from exporters in India.
8. Complaints from NRI having account in India.
Loans and Advances
9. non-observance of RBI directives on interest rates
10. delay in sanction. disbursement of Loan
11. non-acceptance of application for loans without giving valid reasons.
Procedure For Filing Complaint
1. before making complaint to the BO, must be made written representation to the bank and either the bank rejected the complaint or the complainant had not received any reply within one month after the bank recd. the complaint.
2. The complaint should be made before one year after the cause of action has arisen.
Review Authority
Any person aggrieved by the award has the right to prefer an appeal against the award before the appellate authority within forty-five days form the date of receipt of the award. The appellate authority is empowered to allow a further period not exceeding thirty days on his being satisfied that the appellant had sufficient cause for not preferring the appeal in time. In case the appeal is by the bank, the filing of appeal should have been with the previous sanction of the Chairman or in his absence the Managing Director or Executive Director or the Chief Executive Officer or any other officer of equal rank.
……………………………………………………………………………………………………………………………………………
|
