RBI has asked all public sector and large private banks to appoint the ombudsman
GN Staff | May 12, 2015
In the interest of consumers, the Reserve Bank of India has asked all public sector and large private banks to appoint internal ombudsman.
"The internal ombudsman would be designated Chief Customer Service Officer (CCSO)," it said, adding the CCSO should not have worked in the bank in which he/she is appointed as CCSO.
The central bank said it has taken this initiative "to further boost the quality of customer service and to ensure that there is undivided attention to resolution of customer complaints in banks".
The RBI had introduced the Banking Ombudsman Scheme (BOS) in 1995 to provide an expeditious and inexpensive forum to bank customers for resolution of complaints relating to deficiency in banking services.
While all public sector banks will have to appoint a CCSO, the private sector and foreign banks which have been asked to make the appointment include: ICICI Bank, HDFC Bank, Axis Bank, Kotak Mahindra Bank, IndusInd Bank, Standard Chartered Bank, Citi Bank N.A. and HSBC.
The private and foreign banks have been selected on the basis of their asset size, and business mix, among other parameters.
RBI is yet to release guidelines on how the CCSO will work, but said the internal ombudsman will be a forum available to a bank’s customers for grievance redressal before they approach RBI’s banking ombudsman.
After spending almost a month among tribals of Mandla in Madhya Pradesh, I can confidently say that by restricting ourselves to Public Distribution System (PDS), we cannot solve the food security issues of the country. The problem is graver. In a district like Mandla, where aboriginals like Bai
The annual rate of inflation, based on monthly Wholesale Price Index (WPI), stood at 2.60% (provisional) for the month of September, 2017 (over September,2016) as compared to 3.24% (provisional) for the previous month and 1.36% during the corresponding month of the previous year, authorities said.
Digital India program has the potential to provide an incremental 20-30 percent increase in India’s GDP by 2025. Since its launch in July 2015, significant progress has been made in several initiatives under Digital India, said union minister KJ Alphons. Several of the flagship project
Achal Khare, MD, National High Speed Rail Corporation, is a man with big responsibility – of realising India’s dream of running a bullet train. In conversation with Vishwas Dass, Khare lists various challenges before the NHSRCL – the executing agency of the Ahmedabad-Mumbai high speed
Many will be surprised to know that 80 years ago, trains ran at a faster speed in North America and Western Europe than in India today. On the shorter distances (up to 500 km), daytime inter-city trains achieved average speed of 120 to 130 kmph, and on the longer routes (more than 1,000 km) speed was only
If all goes well, India’s first high-speed train would zip by in December 2023. In fact, railways minister Piyush Goyal is even confident that the 508-km Ahmedabad-Mumbai high-speed rail (HSR) project would be completed much before that, by August 2022 – on the country’s 75th indepe