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Integrated Ombudsman Scheme - Coggle Diagram
Integrated Ombudsman Scheme
rbi
facts & figures
currently 3 separate ombudsman
NBFCs
non-bank payment issuers i.e. wallets
banks
operate RBI
rbi integrate into 1 ombudsman
expected
simpler, efficient, more responsive
about banking ombudsman
quasi-judicial body
alternate dispute redressal mechanism
customers & banks
BO scheme
intro. section 35A Banking Regulation Act
revised 2006
BO & staff
serving RBI Employees
fully funded RBI
virtually covers
all banking trsctns
cust. grie.
covers
Scheduled Primary Cooperative Banks
Regional Rural Bank
commercial banks
filed when
banks rejects comp.
satisfactory reply not received bank w/in 1 month
Advantages
accessible & simple
not requi. judiciary
Not bound w/th precedents
maint. financial health
related information
Internal Ombudsman scheme
by rbi
strengthen internal grievance redressal system
all Sche.Commer.Banks(exclude RRBs)
10 banking outlets
require. appoint IO - bank
exam. cust. grie.
deficiency service
sources
visionias feb 2021