The Reserve Bank of India had set up a working group to evaluate and make improvements in the grievance redressal mechanism for bank customers. The working group constituted in the RBI is going to review, update, and revise the Banking Ombudsman Scheme, 2006.
As per the RBI annual report of the Banking Ombudsman Scheme 2011-12, In Financial Year 2011-12, the banking ombudsman’s office of the RBI received around 72889 complaints. It disposed off 94 per cent of the customer complaints.
About one-fourth of the total customer complaints were about banks’ failure to meet commitments and non-observance of fair practices code. Presently, we have 15 Banking Ombudsmen with unambiguous jurisdiction covering the 29 States and seven Union Territories in India.
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