Procedure for Redressal of Grievance in RBI Ombudsman Scheme

The RBI Ombudsman Scheme is a mechanism set up by the Reserve Bank of India (RBI) to provide a quick and inexpensive redressal mechanism for customers of banks and other regulated entities. The Scheme was introduced in 1995 and has been revised several times since then.

The following are the steps involved in the procedure for redressal of grievance in RBI Ombudsman Scheme:

  1. The customer must first approach the bank or other regulated entity and try to resolve the complaint through the bank’s internal complaint mechanism.
  2. If the complaint is not resolved to the customer’s satisfaction, the customer can then file a complaint with the RBI Ombudsman.
  3. The complaint must be filed in writing and must be accompanied by all relevant documents.
  4. The Ombudsman will then investigate the complaint and issue a decision within a specified time period.
  5. The decision of the Ombudsman is final and binding on the bank or other regulated entity.

MCQs on Procedure for Redressal of Grievance in RBI Ombudsman Scheme

  1. What is the first step that a customer must take if he/she has a complaint against a bank or other regulated entity?
    • File a complaint with the RBI Ombudsman.
    • Approach the bank or other regulated entity and try to resolve the complaint through the bank’s internal complaint mechanism.
    • Go to court.
    • Wait for the bank or other regulated entity to take action.

The answer is (b). The first step that a customer must take if he/she has a complaint against a bank or other regulated entity is to approach the bank or other regulated entity and try to resolve the complaint through the bank’s internal complaint mechanism.

  1. What are the documents that must be submitted along with the complaint filed with the RBI Ombudsman?
    • All relevant documents.
    • A copy of the complaint filed with the bank or other regulated entity.
    • A copy of the bank statement showing the deficiency in service.
    • A copy of the letter from the bank or other regulated entity rejecting the complaint.

The answer is (a). The documents that must be submitted along with the complaint filed with the RBI Ombudsman are all relevant documents. This could include a copy of the complaint filed with the bank or other regulated entity, a copy of the bank statement showing the deficiency in service, and a copy of the letter from the bank or other regulated entity rejecting the complaint.

  1. What is the time limit for the RBI Ombudsman to issue a decision on a complaint?
    • 30 days
    • 60 days
    • 90 days
    • 120 days

The answer is (c). The time limit for the RBI Ombudsman to issue a decision on a complaint is 90 days.

  1. What is the effect of the decision of the RBI Ombudsman?
    • The decision of the RBI Ombudsman is final and binding on the bank or other regulated entity.
    • The decision of the RBI Ombudsman is only advisory in nature.
    • The decision of the RBI Ombudsman can be challenged in court.
    • The decision of the RBI Ombudsman can be ignored by the bank or other regulated entity.

The answer is (a). The decision of the RBI Ombudsman is final and binding on the bank or other regulated entity. This means that the bank or other regulated entity must comply with the decision of the Ombudsman.