Financial Daily from THE HINDU group of publications
Thursday, Apr 21, 2005
Financial Daily from THE HINDU group of publications Thursday, Apr 21, 2005 |
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Money & Banking
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Public Sector Banks RBI wants action on Ombudsmen' rulings Our Bureau
Mumbai , April 20 THE Reserve Bank of India has directed the customer service committees of commercial banks to take up complaints on which the Banking Ombudsmen have already given some ruling. The RBI issued this guideline as it was seen that there were delays in taking action on complaints already resolved by the Banking Ombudsmen. The Scheme of Banking Ombudsmen was introduced to enable resolution of complaints relating to customers and resolving disputes between banks. The ombudsmen examine the complaints and issues awards in respect of individual complaints to redress their grievances. The RBI has directed banks to ensure that the decisions of the Banking Ombudsmen are implemented with the involvement of top officials. The RBI has also directed banks to place all the decisions by the ombudsmen before the customer service committee. If a decision is not implemented within three months, the committee should be informed of the same. The committee should in turn inform the bank's board of such delays and also initiate remedial action.
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