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 filing a complaint and its initial scrutiny and resolution as per RBI Ombudsman Scheme:
- A complaint can be filed by any person who is a customer of a bank or other regulated entity.
- The complaint must be filed in writing and must be accompanied by all relevant documents.
- The complaint can be filed online through the RBI Ombudsman’s website or by post.
- The complaint will be initially scrutinized by the RBI Ombudsman’s office to check if it is within the scope of the Scheme.
- If the complaint is within the scope of the Scheme, it will be assigned to an Ombudsman for investigation.
- The Ombudsman will investigate the complaint and issue a decision within a specified time period.
- If the Ombudsman finds that the bank or other regulated entity has indeed committed a deficiency in service, he/she may direct the bank or other regulated entity to take corrective action, such as refunding the customer’s money, paying compensation, or cancelling the customer’s account.
MCQs on Procedure for Filing a Complaint / its Initial Scrutiny and Resolution as per RBI Ombudsman Scheme
- Who can file a complaint with the RBI Ombudsman?
- Any person who is a customer of a bank or other regulated entity.
- Only individuals who are customers of banks or other regulated entities.
- Only businesses who are customers of banks or other regulated entities.
- Only non-profit organizations who are customers of banks or other regulated entities.
The answer is (a). Any person who is a customer of a bank or other regulated entity can file a complaint with the RBI Ombudsman.
- How can a complaint be filed with the RBI Ombudsman?
- Online through the RBI Ombudsman’s website.
- By post.
- In person at the RBI Ombudsman’s office.
- All of the above.
The answer is (d). A complaint can be filed with the RBI Ombudsman online through the RBI Ombudsman’s website, by post, or in person at the RBI Ombudsman’s office.
- 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.
- 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.
- 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.