Financial Daily from THE HINDU group of publications
Monday, Nov 14, 2005
Financial Daily from THE HINDU group of publications Monday, Nov 14, 2005 |
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Opinion
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Letters Ombudsman Scheme
It is heartening to learn from the Finance Minister and the Governor that the present Ombudsman Scheme is being revised and, among other things, the Ombudsman and his Secretariat would not have to depend financially, under the new scheme, on the banks against whom complaints are heard. It has also been reported that customers are unhappy that they have no right of appeal to the RBI against the decision of the Ombudsman while giving such a right to banks. I had written some time ago to the top management of the RBI that the very purpose of the Scheme, — redressal of grievances without having to take the time-consuming and costly route of approaching a court, is not served by denying the right of appeal to the customer. The number of cases where customers would need to appeal against the decision of the Ombudsman would substantially come down if persons with adequate experience in the field of banking are appointed and, for this purpose, well defined eligibility criteria are set down in a transparent manner. A. Chandramouliswaran. Former Executive Director, RBI, Chennai
Letters to the editor and contributions can be sent by e-mail to: bleditor@thehindu.co.in
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