Banks to have internal ombudsman to hear customers complaints

RBI has asked all public sector and large private banks to appoint the ombudsman

GN Staff | May 12, 2015


#RBI   #banks   #publis sector   #private   #ICICI Bank   #HDFC Bank   #Axis bank   #ombudsman  

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.

Comments

 

Other News

Cabinet approves viability gap funding to develop grid-scale energy storage systems

The Union Cabinet, chaired by PM Narendra Modi, has approved the Viability Gap Funding (VGF) Scheme for Development of Grid-Scale Energy Storage Systems, with a total financial support of Rs.14,500 crore for the period FY 2026-27 to FY 2030-31. The scheme aims to support the development o

Cabinet creates a pathway to absorb Agniveers in Defence Forces

An objective assessment in terms of organisational requirements and operational efficiency has brought out the outstanding performance of Agniveers in terms of skills, motivation levels, physical fitness and technological prowess. As envisaged earlier, based on merit, 25% of Agniveers will be offered reg

Modi inaugurates, lays foundation stone of Pune Metro projects

Prime minister Narendra Modi inaugurated and laid the foundation stone for Pune Metro projects worth around ₹21,800 crore on Tuesday through video conferencing. Addressing the gathering on the occasion, the PM extended warm Diwali greetings to the people of Pune and Maharashtra and remarked that f

Wired for good: Building sustainable cities with AI

The First Industrial Revolution in the 18th-19th centuries ushered in a paradigm shift in how cities were imagined. Fueled by railways, factories and grids, and obsessed with speed and scale, it was an ode to efficiency, which spurred unprecedented economic growth. Now, as the Fourth Industrial Revolutio

How social media is reshaping elections

Since Brazil’s return to direct presidential elections in 1985, no candidate who finished second in the first round of polling had ever won the presidency. Luiz Inácio Lula da Silva, now 81, has just done it. What explains the comeback, and what changed in Brazilian politics to make it possi

Cabinet approves Dearness Allowance, Dearness Relief

The union cabinet chaired by prime minister Narendra Modi on Wednesday approved the release of an additional instalment of Dearness Allowance (DA) to central government employees and Dearness Relief (DR) to pensioners with effect from 01.07.2026 representing an increase of 3% over the existing rates of 6

Upcoming Conferences



-->

Archives

Current Issue

Opinion

Facebook Twitter Google Plus Linkedin Subscribe Newsletter

Twitter