A couple of months back, there was a news in the media regarding HDFC Bank levying quarterly charges to its ‘Preferred’ customers. However, the best part about it was that such inclusion of the customer in the list of Preferred customers was not carrying an express consent from the customer and further, such charges were mentioned in small font in the regular mailers sent by the Bank.

I have also personally come across many of my friends just expressing anger over levy of bank charges, which were otherwise not leviable. However, such amounts being small in nature, most of them just let it go after expressing displeasure in the friendly conversations.

Even when there have been genuine issues and concerns in respect of the banking services, it has been seen that such issues don’t get resolved to the satisfaction of the customers due to casual attitude of the bankers. Due to ignorance of the grievance redressal mechanism in the banks, the customers are finally made to settle with the resolution that suits the bankers. So, I just thought to discuss about Banking Ombudsman, which serves as the last mile solution to all your banking grievances.

Here are four things you must know about the Banking Ombudsman:

Who is Banking Ombudsman (BO)?

Banking Ombudsman is a senior official appointed by the Reserve Bank of India to redress customer complaints against deficiency in certain banking services. As on date, 15 Banking Ombudsmen have been appointed with their offices located mostly in state capitals.

Grievance to be Lodged with Banks First

Before approaching the BO, you must first approach the bank for suitable resolution of the grievance. Further, you must exhaust all the stages in the grievance redressal mechanism of the concerned bank. The same is available on the websites of the banks as mandated by the RBI.

However, you can file a complaint before the Banking Ombudsman if the reply is not received from the bank within a period of one month after the bank concerned has received your representation, or the bank rejects the complaint, or if the complainant is not satisfied with the reply given by the bank.

How to Lodge the Grievance with BO?

You need to lodge your complaint at the office of the Banking Ombudsman with the jurisdiction of the concerned bank branch. You can file a complaint with the BO simply by writing on a plain paper. You can also file it online through the website of RBI or by sending an email. However, before

Details to be provided along with the Grievance

The complaint should have the name and address of the complainant, the name and address of the branch or office of the bank against which the complaint is made, facts giving rise to the complaint supported by documents, if any, the nature and extent of the loss caused to the complainant, the relief sought from the Banking Ombudsman and a declaration about the compliance of conditions to approach BO, which are required to be complied with by the complainant. Accordingly, to ensure timely and effective resolution, you must confirm that the grievance is lodged with all the required details.

Are you also facing any issues in the banking services? Ensure to get your issues resolved through the bank’s redressal machinery and if still unresolved, through Banking Ombudsman.

Know your rights and keep your finances under your sight.

Check out the A2Z of Personal Finance here.

Leave a Reply

Your email address will not be published. Required fields are marked *