The Reserve Bank had first introduced the Banking Ombudsman Scheme in _____ to provide expeditious and inexpensive forum to bank customers for resolution of their complaints relating to deficiency in banking services.
Show answer & explanation
Correct answer: A
Explanation
Banking Ombudsman Scheme -
The Reserve Bank of India (RBI) launched this important scheme to redress customer complaints.
Inception: The scheme was first implemented on June 14, 1995.
Objective: To provide customers with a quick, free, and affordable platform to complain against deficiencies in banking services (such as delayed check payment, unauthorized transactions, or uninformed charges).
Jurisdiction: Includes all scheduled commercial banks (public, private, foreign), regional rural banks, and scheduled primary cooperative banks.
Integrated Ombudsman Scheme
The scheme has undergone several improvements over time:
2006: The scheme was amended to make it more effective.
2021 (Current Status): Prime Minister Narendra Modi launched the RBI Integrated Ombudsman Scheme (RB-IOS), 2021, with the vision of 'One Nation, One Ombudsman'.
Customers no longer need to approach different Ombudsmen for different categories (banking, NBFCs, and digital transactions).
A single portal and a single email address are available for all complaints.