1. Home
  2.  |  
  3. Economy Current Affairs |  

RBI advised all Public Sector Banks to appoint Internal Ombudsman

May 13, 2015 10:16 IST

The Reserve Bank of India (RBI) on 11 May 2015 advised all public sector banks (PSBs) to appoint internal Ombudsman. This internal Ombudsman will be designated as Chief Customer Service Officer (CCSO) and it should not have worked in the bank in which it has been appointed as CCSO.

The objective of this initiative is to further boost the quality of customer service and to ensure that there is undivided attention to resolution of customer complaints in banks.

The internal ombudsman will be a forum available to bank customers for grievance redressal before they can even approach the Banking Ombudsman.

Besides, it also asked some private sector and foreign banks to appoint such Ombudsman. These are ICICI Bank Ltd., HDFC Bank Ltd., Axis Bank Ltd., Kotak Mahindra Bank Ltd., IndusInd Bank Ltd., Standard Chartered Bank, Citi Bank N.A. and HSBC Ltd. These banks have been selected on the basis of their asset size, business mix, etc.

Banking Ombudsman Scheme

The RBI introduced the Banking Ombudsman Scheme (BOS) in 1995 to provide an expeditious and inexpensive forum to bank customers for resolution of their complaints relating to deficiency in banking services provided by commercial banks, regional rural banks (RRBs) and scheduled primary co-operative banks.

Under the BO Scheme a total of 27 grounds of complaints/deficiencies in bank services are covered. RBI operates the BOS, free of cost, so as to make it accessible to all.

Now get latest Current Affairs on mobile, Download # 1  Current Affairs App

Is this article important for exams ? Yes32 People Agreed

DISCLAIMER: JPL and its affiliates shall have no liability for any views, thoughts and comments expressed on this article.

Latest Videos

Register to get FREE updates

    All Fields Mandatory
  • (Ex:9123456789)
  • Please Select Your Interest
  • Please specify

  • ajax-loader
  • A verifcation code has been sent to
    your mobile number

    Please enter the verification code below

This website uses cookie or similar technologies, to enhance your browsing experience and provide personalised recommendations. By continuing to use our website, you agree to our Privacy Policy and Cookie Policy. OK