Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
LIVE TV DownloadNews18 App
News18 English
News18 » Business
1-min read

Banks With Over 10 Branches Must Appoint Internal Ombudsman, Says RBI

The internal ombudsman scheme was introduced by the RBI to strengthen the internal grievance of banks and ensure that the complaints of customers are redressed.

PTI

Updated:September 3, 2018, 6:56 PM IST
facebookTwitterskypewhatsapp
Banks With Over 10 Branches Must Appoint Internal Ombudsman, Says RBI
File photo of RBI headquarters in Mumbai. (Reuters)
Loading...

Mumbai: The Reserve Bank of India (RBI) on Monday asked all scheduled commercial banks with more than 10 branches to appoint an internal ombudsman (IO). The apex bank has, however, excluded regional rural banks (RRBs) from appointing IOs.

The internal ombudsman scheme was introduced by the RBI to strengthen the internal grievance of banks and to ensure that the complaints of the customers are redressed.

In order to further enhance the independence of the IO and also to strengthen the monitoring system over functioning of the IO mechanism, the central bank said it has reviewed the arrangement in the form of 'Internal Ombudsman Scheme, 2018'.

"The IO shall examine customer complaints which are in the nature of deficiency in service on the part of the bank, that are partly or wholly rejected by the bank," RBI said in a release.

The scheme covers, appointment/tenure, roles and responsibilities, procedural guidelines and oversight mechanism for the IO.

The central bank further said as the banks shall internally escalate all complaints, which are not fully redressed to their respective IOs before conveying the final decision to the complainant, the customers need not approach the IO directly.

The implementation of IO Scheme, 2018, will be monitored by the bank's internal audit mechanism apart from regulatory oversight by the apex bank. In May 2015, the RBI had advised all public sector and select private and foreign banks to appoint IO as an independent authority to review complaints that were partially or wholly rejected by the respective banks.

Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.

Subscribe to Moneycontrol Pro and gain access to curated markets data, trading recommendations, equity analysis, investment ideas, insights from market gurus and much more. Get Moneycontrol PRO for 1 year at price of 3 months. Use code FREEDOM.

Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwitterskypewhatsapp
Most Active
Company Price Change %Gain
Maruti Suzuki 6,190.95 3.48
Indiabulls Hsg 521.40 -2.88
Yes Bank 71.20 -7.11
Reliance 1,275.95 -1.29
Mahanagar Gas 848.60 7.83
Company Price Change %Gain
Maruti Suzuki 6,198.75 3.75
United Spirits 578.10 -1.36
HDFC 2,090.80 -1.10
Indiabulls Hsg 521.45 -2.81
HDFC Bank 2,222.00 0.69
Top Gainers
Company Price Change %Gain
Maruti Suzuki 6,190.95 3.48
Tata Motors 123.85 2.52
Infosys 792.75 1.94
HCL Tech 1,084.00 1.87
Dr Reddys Labs 2,554.60 1.81
Company Price Change %Gain
Maruti Suzuki 6,198.75 3.75
Tata Motors 123.80 2.53
Infosys 792.90 1.94
HCL Tech 1,083.85 1.87
M&M 527.90 1.44
Top Losers
Company Price Change %Gain
Yes Bank 71.20 -7.11
Britannia 2,393.50 -3.43
UltraTechCement 4,033.05 -3.01
Indiabulls Hsg 521.40 -2.88
Eicher Motors 15,895.75 -2.71
Company Price Change %Gain
Yes Bank 71.25 -7.11
IndusInd Bank 1,404.75 -2.36
ITC 246.55 -2.01
Coal India 195.25 -1.91
Axis Bank 672.20 -1.87

Live TV

Loading...
Countdown To Elections Results
To Assembly Elections 2018 Results