News shortcuts: From the Courts | Top Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | Professional Updates | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax | PPE Safety Kit SITRA Approved | PPE Safety Kit
Latest Circulars »
 Micro, Small and Medium Enterprises (MSME) sector Restructuring of Advances
 Resolution Framework for COVID-19-related Stress
 Directions under Section 35 A of the Banking Regulation Act, 1949 (AACS) Shivam Sahakari Bank Ltd, Ichalkaranji, Kolhapur, Maharashtra
 Notification No. 56/2020 CENTRAL BOARD OF DIRECT TAXES
 12 LPA-Opening Chartered Accountant, Finance
  Implementation of Indian Accounting Standards
 Notification No. 50/2020 CENTRAL BOARD OF DIRECT TAXES
  Clarification in relation to notification issued under clause (v) of proviso to section 194N of the Income-tax Act, 1961 (the Act) prior to its amendment by Finance Act, 2020
  Publication of RBI-Occasional Papers-Vol. 41, No.1, 2020
 RBI-Fair Practices Code for Asset Reconstruction Companies
  Gujarat State Road Development Corporation Ltd, Gandhinagar, Gujarat

RBI amends Banking Ombudsman Scheme: Includes Complaints relating to Misselling and Mobile/ Electronic Banking
June, 24th 2017

The Reserve Bank of India has widened the scope of its Banking Ombudsman Scheme 2006, to include, inter alia, deficiencies arising out of sale of insurance/ mutual fund/ other third party investment products by banks. Under the amended Scheme, a customer would also be able to lodge a complaint against the bank for its non-adherence to RBI instructions with regard to Mobile Banking/ Electronic Banking services in India.

The pecuniary jurisdiction of the Banking Ombudsman to pass an Award has been increased from existing rupees one million to rupees two million. Compensation not exceeding rupees hundred thousand can also be awarded by the Banking Ombudsman to the complainant for loss of time, expenses incurred as also, harassment and mental anguish suffered by the complainant.

The procedure for complaints settled by agreement under the Scheme has also been revised. Appeal has now been allowed for the complaints closed under Clause 13 (c) of the existing Scheme relating to rejection which was not available earlier.

The Reserve Bank has released a Notification dated June 16, 2017 amending the Banking Ombudsman Scheme 2006. The amended Scheme shall come into force from July 1, 2017. The amended Scheme is available on the Reserve Bank's website at https://www.rbi.org.in/commonman/English/Scripts/AgainstBank.aspx

Ajit Prasad
Assistant Adviser

Press Release : 2016-2017/3473

Home | About Us | Terms and Conditions | Contact Us | PPE Kit SITRA Approved | PPE Safety Kit
Copyright 2020 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting