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Qualis Capes / BRAZIL as B3
Article Details ::
Article Name :
PERFORMANCE OF BANKING OMBUDSMAN SCHEME IN NORTH – EAST INDIA– AN ANALYTICAL REVIEW
Author Name :
Sumee Dastidar
Publisher :
Ashok Yakkaldevi
Article Series No. :
ROR-2284
Article :
Author Profile
Abstract :
The Banking Ombudsman Scheme (BOS) was introduced on 14th June 1995 under Section 35 A of the Banking Regulation Act, 1949 by RBI with a view to provide expeditious and inexpensive resolution of customer complaints on deficiencies in banking services. Introduction of different banking products and change in the expectations of bank customers, the scheme has gone through wide alterations over the years. RBI in its initiative further widened the scope, thereby including deficiencies arising out of internet banking in the year February 2009. A bank customer can now lodge a complaint about any banking services to the office of Banking Ombudsman, if the concerned bank does not offer redressal of his/her grievances within a stipulated timeframe. A customer can now file a complaint if a bank fails to comply with the provisions of the Fair Practices Code for lenders or the Code of Bank’s Commitment to customers issued by the Banking Codes and Standards Board of India (BCSBI).
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