The document discusses the Banking Ombudsman Scheme in India. It provides details about the scheme such as its introduction in 1995 under the Banking Regulation Act, 1949. It discusses the appointment and powers of the Banking Ombudsman, the scope of the scheme, grounds for complaints, procedures for filing complaints, and the appellate process. The key responsibilities of the Banking Ombudsman include promoting settlement of complaints through mediation, passing awards if complaints are not settled, and handling complaints regarding deficiencies in banking services as outlined by the Reserve Bank of India.
The Banking Ombudsman Scheme was introduced in India in 1995 by the Reserve Bank of India to provide customers an avenue to file complaints against banks and seek redressal. The 2006 scheme expanded the scope of complaints covered to include internet banking and introduced the position of Banking Ombudsman to hear complaints. A customer can file a complaint with the local Banking Ombudsman if the bank fails to address issues related to services like ATM transactions, loans, accounts within timeframes. The case study describes how a customer approached the Banking Ombudsman after the bank made multiple errors in recording his personal details, failed to address them properly and caused him distress, for which the bank was fined.
The Banking Ombudsman Scheme provides an inexpensive and transparent mechanism for resolving complaints relating to services provided by banks. The Banking Ombudsman is a senior official appointed by the RBI to impartially address customer complaints against their bank. Complaints that can be lodged include issues with loans, deposits, cheques, remittances, and other banking services. The procedure for filing a complaint is online or written and must be submitted within 30 days of responding to the bank. Compensation awarded is limited to a maximum of Rs. 20 lakhs for financial loss and Rs. 1 lakh for mental agony.
The Reserve Bank of India established the Bankers Plus Academy and Banking Ombudsman scheme. The Banking Ombudsman resolves complaints between banks or their customers through conciliation, mediation, and arbitration. Complaints include issues like non-payment/delay of loans, cheques, or deposits. Customers must first file the complaint with the bank, and can approach the Banking Ombudsman if no response or an unsatisfactory response is received within one month. The Banking Ombudsman can award compensation up to Rs. 10 lakh to the customer. Appeals against the Banking Ombudsman's decision can be made to the Deputy Governor of the RBI within 30 days.
The document discusses the Banking Ombudsman Scheme in India. It defines the Banking Ombudsman as a quasi-judicial authority appointed by the Reserve Bank of India to redress customer complaints against deficiencies in banking services. It outlines the grounds on which complaints can be filed, including non-payment or delay of payments/collections, failure to provide services, and non-adherence to RBI directives. It provides details on how to file an online complaint and notes the Ombudsman aims to resolve issues within 30 days. As an example, it summarizes a case where a fraudulent cheque encashment was investigated and the disputed amount was ultimately paid to the complainant.
1) The document provides an overview of the Banking Ombudsman Scheme in India, including the grounds for complaints, case studies, and grievance redressal process.
2) Under the scheme, the Reserve Bank of India appoints Banking Ombudsmen to investigate complaints against deficient banking services and facilitate dispute resolution.
3) Complaints can be made regarding issues like non-payment or delay of cheques/remittances, failure to meet service commitments, and non-compliance with RBI guidelines. Most complaints in recent years related to failure to meet commitments and cards/loans.
- The Banking Ombudsman scheme provides an inexpensive forum for bank customers to resolve complaints relating to certain banking services.
- In 2012-13, 15 Banking Ombudsmen covering 29 states and 7 union territories received a total of 70541 complaints, a 3% decline from the previous year.
- The majority of complaints were received from individual customers, accounting for 93% of total complaints. New Delhi, Kanpur, Mumbai and Chennai OBOs received the highest number of complaints, over 5000 each.
banking ombudsman and their functions dutiesssuser775c16
The document discusses the Banking Ombudsman Scheme in India. It defines key terms like bank, ombudsman, and the banking ombudsman scheme. The scheme enables customers to file complaints regarding certain bank services. It covers all scheduled commercial, regional rural, and cooperative banks in India. The ombudsman has powers to investigate complaints, obtain information, and make recommendations. Complaints can be filed for issues like non-payment of inward remittances, failure to issue drafts/pay orders, charging without notice, and more. The complaint process and two example case decisions are also summarized.
The Banking Ombudsman Scheme was introduced in India in 1995 by the Reserve Bank of India to provide customers an avenue to file complaints against banks and seek redressal. The 2006 scheme expanded the scope of complaints covered to include internet banking and introduced the position of Banking Ombudsman to hear complaints. A customer can file a complaint with the local Banking Ombudsman if the bank fails to address issues related to services like ATM transactions, loans, accounts within timeframes. The case study describes how a customer approached the Banking Ombudsman after the bank made multiple errors in recording his personal details, failed to address them properly and caused him distress, for which the bank was fined.
The Banking Ombudsman Scheme provides an inexpensive and transparent mechanism for resolving complaints relating to services provided by banks. The Banking Ombudsman is a senior official appointed by the RBI to impartially address customer complaints against their bank. Complaints that can be lodged include issues with loans, deposits, cheques, remittances, and other banking services. The procedure for filing a complaint is online or written and must be submitted within 30 days of responding to the bank. Compensation awarded is limited to a maximum of Rs. 20 lakhs for financial loss and Rs. 1 lakh for mental agony.
The Reserve Bank of India established the Bankers Plus Academy and Banking Ombudsman scheme. The Banking Ombudsman resolves complaints between banks or their customers through conciliation, mediation, and arbitration. Complaints include issues like non-payment/delay of loans, cheques, or deposits. Customers must first file the complaint with the bank, and can approach the Banking Ombudsman if no response or an unsatisfactory response is received within one month. The Banking Ombudsman can award compensation up to Rs. 10 lakh to the customer. Appeals against the Banking Ombudsman's decision can be made to the Deputy Governor of the RBI within 30 days.
The document discusses the Banking Ombudsman Scheme in India. It defines the Banking Ombudsman as a quasi-judicial authority appointed by the Reserve Bank of India to redress customer complaints against deficiencies in banking services. It outlines the grounds on which complaints can be filed, including non-payment or delay of payments/collections, failure to provide services, and non-adherence to RBI directives. It provides details on how to file an online complaint and notes the Ombudsman aims to resolve issues within 30 days. As an example, it summarizes a case where a fraudulent cheque encashment was investigated and the disputed amount was ultimately paid to the complainant.
1) The document provides an overview of the Banking Ombudsman Scheme in India, including the grounds for complaints, case studies, and grievance redressal process.
2) Under the scheme, the Reserve Bank of India appoints Banking Ombudsmen to investigate complaints against deficient banking services and facilitate dispute resolution.
3) Complaints can be made regarding issues like non-payment or delay of cheques/remittances, failure to meet service commitments, and non-compliance with RBI guidelines. Most complaints in recent years related to failure to meet commitments and cards/loans.
- The Banking Ombudsman scheme provides an inexpensive forum for bank customers to resolve complaints relating to certain banking services.
- In 2012-13, 15 Banking Ombudsmen covering 29 states and 7 union territories received a total of 70541 complaints, a 3% decline from the previous year.
- The majority of complaints were received from individual customers, accounting for 93% of total complaints. New Delhi, Kanpur, Mumbai and Chennai OBOs received the highest number of complaints, over 5000 each.
banking ombudsman and their functions dutiesssuser775c16
The document discusses the Banking Ombudsman Scheme in India. It defines key terms like bank, ombudsman, and the banking ombudsman scheme. The scheme enables customers to file complaints regarding certain bank services. It covers all scheduled commercial, regional rural, and cooperative banks in India. The ombudsman has powers to investigate complaints, obtain information, and make recommendations. Complaints can be filed for issues like non-payment of inward remittances, failure to issue drafts/pay orders, charging without notice, and more. The complaint process and two example case decisions are also summarized.
The Banking Ombudsman provides an inexpensive and efficient forum for resolving customer complaints against banks. The Banking Ombudsman is appointed by the Reserve Bank of India to address complaints related to deficiencies in banking services. Key goals of the Banking Ombudsman include solving customer grievances inexpensive and fairly, providing feedback to the RBI on improving customer service and complaint resolution, and creating awareness of the scheme. Covered banks include all scheduled commercial banks, regional rural banks, and scheduled primary co-operative banks. The Banking Ombudsman commits to quick resolution of complaints through a complaint tracking system and exchange of information.
The Compensation policy is designed to cover areas relating to all products and services offered by HSBC India. Here, we cover everything from Erroneous debits to accounts, Payment of interest to customers for delayed collection of cheques/instruments, as well as Erroneous credit card charges. To resolve queries specifically about credit cards, please refer www.hsbc.co.in/credit-cards/
fair practices codes and lenders liabilityVarsha Panwar
This document outlines guidelines for fair lending practices and lender liability according to the Reserve Bank of India (RBI). It discusses how lenders should process loan applications within certain timeframes depending on loan size. It also covers how lenders should appraise loans, communicate terms and conditions to borrowers, disburse loans, conduct post-disbursement supervision, handle complaints, and minimize liability issues. Lenders must avoid discrimination, harassment of borrowers, and handle recovery and security release appropriately according to the guidelines.
Studied the objectives,code of bank’s commitment to customers, The micro.small and medium enterprises development act 2006,code of bank’s commitment to MSEs and banking ombudsman
The Deutsche Bank compensation policy provides compensation for customers in the event of certain deficiencies in the bank's services. The policy covers unauthorized debits, delayed collections, payments made after stop instructions, failed ATM transactions, delayed returns of security documents, and more. The bank aims to resolve issues quickly and compensate customers for any direct financial losses from issues outside the bank's control.
The Banking Ombudsman Scheme provides a mechanism for resolution of complaints related to deficiencies in banking services. Key points:
- The scheme is administered by the Reserve Bank of India and covers all scheduled commercial banks, regional rural banks, and scheduled primary cooperative banks.
- Complaints can be filed by individuals or authorized representatives regarding issues that were not resolved by the bank within a month. The ombudsman may pass an award with compensation up to Rs. 20 lakh or reject the complaint.
- Awards made by the ombudsman are binding if accepted by the complainant within 30 days. Banks must implement accepted awards within a month and confirm compliance. Appeals can be made to the Deputy Governor
Consumer protection laws are equally applicable when it comes to the services they avail from the Banking Institutions, therefore in order to protect their rights, Consumer Protection Act, 1986 is applicable to the services provided by the Banks.
This document provides an overview of the Banking Ombudsman Scheme in India. It discusses the evolution of the scheme over time from 1995 to 2006, with the 2006 version expanding the scope and improving effectiveness. The key aspects summarized are:
- The vision is to provide an inexpensive, transparent and credible mechanism for redressing grievances of banking customers.
- The scheme covers complaints related to deficiencies in banking services as well as loans and advances. It excludes complaints involving fraud or matters pending in court.
- The redressal process involves the Banking Ombudsman attempting mediation between the bank and customer, or making an award if not resolved, which can be appealed.
This document provides an overview of the Banking Ombudsman Scheme in India. It discusses the evolution of the scheme over time from 1995 to 2006, with the 2006 version expanding the scope and improving effectiveness. The key aspects summarized are:
- The vision is to provide an inexpensive, transparent and credible mechanism for redressing grievances of banking customers.
- The scheme covers complaints related to deficiencies in banking services as well as loans and advances. It excludes complaints involving fraud or matters pending in court.
- The redressal process involves the Banking Ombudsman attempting mediation between the bank and customer, or making an award if not resolved, which can be appealed.
BANKS AND LOAN PRODUCTS
Financial Planning: Updates on Financial Planning, Tips to manage money. Know about importance of Financial Planning, rules of financial planning, ...Financial Planning: Updates on Financial Planning, Tips to manage money. Know about importance of Financial Planning, rules of financial planning, ...Financial Planning: Updates on Financial Planning, Tips to manage money. Know about importance of Financial Planning, rules of financial planning, ...Financial Planning: Updates on Financial Planning, Tips to manage money. Know about importance of Financial Planning, rules of financial planning, .
Financial Planning: Updates on Financial Planning, Tips to manage money. Know about importance of Financial Planning, rules of financial planning, ...
Financial Planning: Updates on Financial Planning, Tips to manage money. Know about importance of Financial Planning, rules of financial planning, .....
Mandate Form For Payment Of LICI Premium By ECSIndialic .in
This document provides instructions for policyholders to set up an Electronic Clearing Service (ECS) or direct debit mandate to pay life insurance premiums electronically from their bank account. Key details include:
- The form collects policy and bank account information for setting up the ECS/direct debit mandate.
- Premiums will be deducted on the 7th, 15th or 28th of each month depending on the policy commencement date. Sufficient funds must be maintained on the debit date.
- If a debit is dishonored, premiums must be paid in cash along with applicable charges by the due date.
- Policyholders must notify their bank and insurance branch at least 20-
The document discusses the role and purpose of the Banking Mohtasib (Ombudsman) in Pakistan. The Banking Mohtasib was established as an independent body to investigate and address customer complaints against banks in an impartial manner. It aims to ensure public complaints are resolved through a free, prompt and cost-effective process. The Banking Mohtasib entertains various types of complaints and has procedures for handling rejected complaints from banks.
Underwriters are intermediaries appointed by issuing companies to subscribe to unsubscribed shares in a public issue. They must be registered with SEBI and meet capital adequacy and experience requirements. Underwriters enter agreements with clients specifying their obligations, commission structure, and timelines for subscribing to unsubscribed shares. They cannot benefit beyond their commission and their maximum obligation is capped at 20 times their net worth.
Underwriters are intermediaries appointed by issuing companies to subscribe to unsubscribed shares in a public issue. They must be registered with SEBI and have a minimum net worth of Rs. 20 lakh. Underwriters are responsible for subscribing to any unsubscribed shares within 45 days and cannot benefit beyond their commission from the issue. Bankers to an issue collect application forms and funds from investors and send them to the registrar, refunding any unapplied money. They must register with SEBI, maintain records for 3 years, and abide by its code of conduct.
The document discusses supply bills and procedures for banks making advances against such bills. Supply bills are bills drawn by contractors or suppliers on government or public sector entities for goods supplied or contracts completed. The key steps are: 1) goods are inspected and an acceptance note is issued, 2) the supplier prepares a bill and assigns it to the bank, 3) the bank makes an advance to the supplier against the bill. Advances are considered clean but repayment may be delayed due to government procedures. Banks take precautions like ensuring experience of the supplier and scrutinizing contracts.
RBI issued notification permitting banks to open & maintain specific current & escrow accounts.
The follows issue of Circular on ‘Opening of Current Accounts by Banks - Need for Discipline’ dated August 6, 2020 and ensuing references received from banks seeking clarifications on operational issues regarding maintenance of current accounts already opened by the banks.
Vide the notification, RBI had issued FAQs giving clarifications pertaining to operational & regulatory requirements of the said circulars.
The document discusses various aspects of the relationship between banks and their customers. It outlines the obligations and rights of customers, including maintaining sufficient funds and bringing any discrepancies to the bank's notice. It also discusses how the relationship can be terminated voluntarily or by law. The document then covers operations in deposit accounts like minimum balances, interest rates and nomination facilities. Finally, it discusses key negotiable instruments like promissory notes, bills of exchange and cheques as defined in the Negotiable Instruments Act.
This document discusses the relationship between banks and their customers. It outlines that banks core business is accepting deposits from the public and utilizing those deposits to lend to borrowers or make investments. There are two types of deposits - demand deposits which are payable on demand like current accounts, and time deposits which are held for a specified period of time. The document then discusses the various roles and relationships that exist between banks and customers such as debtor-creditor, principal-agent, bailee-bailor, and more. It also outlines the rights and obligations of both banks and customers in the relationship.
PPIs are payment instruments that allow users to purchase goods and services or transfer funds based on the stored value, which represents amounts paid by cash, debit, or credit. PPIs can be issued as cards, accounts, wallets, or vouchers. Only banks can issue open system PPIs, while non-banks can offer closed or semi-closed system PPIs. Becoming a PPI issuer requires a minimum paid-up capital, maintaining funds in an escrow account, complying with KYI requirements, and obtaining authorization from the RBI. The application process involves submitting details about the proposed payment system and being issued a certificate to operate.
The Banking Ombudsman provides an inexpensive and efficient forum for resolving customer complaints against banks. The Banking Ombudsman is appointed by the Reserve Bank of India to address complaints related to deficiencies in banking services. Key goals of the Banking Ombudsman include solving customer grievances inexpensive and fairly, providing feedback to the RBI on improving customer service and complaint resolution, and creating awareness of the scheme. Covered banks include all scheduled commercial banks, regional rural banks, and scheduled primary co-operative banks. The Banking Ombudsman commits to quick resolution of complaints through a complaint tracking system and exchange of information.
The Compensation policy is designed to cover areas relating to all products and services offered by HSBC India. Here, we cover everything from Erroneous debits to accounts, Payment of interest to customers for delayed collection of cheques/instruments, as well as Erroneous credit card charges. To resolve queries specifically about credit cards, please refer www.hsbc.co.in/credit-cards/
fair practices codes and lenders liabilityVarsha Panwar
This document outlines guidelines for fair lending practices and lender liability according to the Reserve Bank of India (RBI). It discusses how lenders should process loan applications within certain timeframes depending on loan size. It also covers how lenders should appraise loans, communicate terms and conditions to borrowers, disburse loans, conduct post-disbursement supervision, handle complaints, and minimize liability issues. Lenders must avoid discrimination, harassment of borrowers, and handle recovery and security release appropriately according to the guidelines.
Studied the objectives,code of bank’s commitment to customers, The micro.small and medium enterprises development act 2006,code of bank’s commitment to MSEs and banking ombudsman
The Deutsche Bank compensation policy provides compensation for customers in the event of certain deficiencies in the bank's services. The policy covers unauthorized debits, delayed collections, payments made after stop instructions, failed ATM transactions, delayed returns of security documents, and more. The bank aims to resolve issues quickly and compensate customers for any direct financial losses from issues outside the bank's control.
The Banking Ombudsman Scheme provides a mechanism for resolution of complaints related to deficiencies in banking services. Key points:
- The scheme is administered by the Reserve Bank of India and covers all scheduled commercial banks, regional rural banks, and scheduled primary cooperative banks.
- Complaints can be filed by individuals or authorized representatives regarding issues that were not resolved by the bank within a month. The ombudsman may pass an award with compensation up to Rs. 20 lakh or reject the complaint.
- Awards made by the ombudsman are binding if accepted by the complainant within 30 days. Banks must implement accepted awards within a month and confirm compliance. Appeals can be made to the Deputy Governor
Consumer protection laws are equally applicable when it comes to the services they avail from the Banking Institutions, therefore in order to protect their rights, Consumer Protection Act, 1986 is applicable to the services provided by the Banks.
This document provides an overview of the Banking Ombudsman Scheme in India. It discusses the evolution of the scheme over time from 1995 to 2006, with the 2006 version expanding the scope and improving effectiveness. The key aspects summarized are:
- The vision is to provide an inexpensive, transparent and credible mechanism for redressing grievances of banking customers.
- The scheme covers complaints related to deficiencies in banking services as well as loans and advances. It excludes complaints involving fraud or matters pending in court.
- The redressal process involves the Banking Ombudsman attempting mediation between the bank and customer, or making an award if not resolved, which can be appealed.
This document provides an overview of the Banking Ombudsman Scheme in India. It discusses the evolution of the scheme over time from 1995 to 2006, with the 2006 version expanding the scope and improving effectiveness. The key aspects summarized are:
- The vision is to provide an inexpensive, transparent and credible mechanism for redressing grievances of banking customers.
- The scheme covers complaints related to deficiencies in banking services as well as loans and advances. It excludes complaints involving fraud or matters pending in court.
- The redressal process involves the Banking Ombudsman attempting mediation between the bank and customer, or making an award if not resolved, which can be appealed.
BANKS AND LOAN PRODUCTS
Financial Planning: Updates on Financial Planning, Tips to manage money. Know about importance of Financial Planning, rules of financial planning, ...Financial Planning: Updates on Financial Planning, Tips to manage money. Know about importance of Financial Planning, rules of financial planning, ...Financial Planning: Updates on Financial Planning, Tips to manage money. Know about importance of Financial Planning, rules of financial planning, ...Financial Planning: Updates on Financial Planning, Tips to manage money. Know about importance of Financial Planning, rules of financial planning, .
Financial Planning: Updates on Financial Planning, Tips to manage money. Know about importance of Financial Planning, rules of financial planning, ...
Financial Planning: Updates on Financial Planning, Tips to manage money. Know about importance of Financial Planning, rules of financial planning, .....
Mandate Form For Payment Of LICI Premium By ECSIndialic .in
This document provides instructions for policyholders to set up an Electronic Clearing Service (ECS) or direct debit mandate to pay life insurance premiums electronically from their bank account. Key details include:
- The form collects policy and bank account information for setting up the ECS/direct debit mandate.
- Premiums will be deducted on the 7th, 15th or 28th of each month depending on the policy commencement date. Sufficient funds must be maintained on the debit date.
- If a debit is dishonored, premiums must be paid in cash along with applicable charges by the due date.
- Policyholders must notify their bank and insurance branch at least 20-
The document discusses the role and purpose of the Banking Mohtasib (Ombudsman) in Pakistan. The Banking Mohtasib was established as an independent body to investigate and address customer complaints against banks in an impartial manner. It aims to ensure public complaints are resolved through a free, prompt and cost-effective process. The Banking Mohtasib entertains various types of complaints and has procedures for handling rejected complaints from banks.
Underwriters are intermediaries appointed by issuing companies to subscribe to unsubscribed shares in a public issue. They must be registered with SEBI and meet capital adequacy and experience requirements. Underwriters enter agreements with clients specifying their obligations, commission structure, and timelines for subscribing to unsubscribed shares. They cannot benefit beyond their commission and their maximum obligation is capped at 20 times their net worth.
Underwriters are intermediaries appointed by issuing companies to subscribe to unsubscribed shares in a public issue. They must be registered with SEBI and have a minimum net worth of Rs. 20 lakh. Underwriters are responsible for subscribing to any unsubscribed shares within 45 days and cannot benefit beyond their commission from the issue. Bankers to an issue collect application forms and funds from investors and send them to the registrar, refunding any unapplied money. They must register with SEBI, maintain records for 3 years, and abide by its code of conduct.
The document discusses supply bills and procedures for banks making advances against such bills. Supply bills are bills drawn by contractors or suppliers on government or public sector entities for goods supplied or contracts completed. The key steps are: 1) goods are inspected and an acceptance note is issued, 2) the supplier prepares a bill and assigns it to the bank, 3) the bank makes an advance to the supplier against the bill. Advances are considered clean but repayment may be delayed due to government procedures. Banks take precautions like ensuring experience of the supplier and scrutinizing contracts.
RBI issued notification permitting banks to open & maintain specific current & escrow accounts.
The follows issue of Circular on ‘Opening of Current Accounts by Banks - Need for Discipline’ dated August 6, 2020 and ensuing references received from banks seeking clarifications on operational issues regarding maintenance of current accounts already opened by the banks.
Vide the notification, RBI had issued FAQs giving clarifications pertaining to operational & regulatory requirements of the said circulars.
The document discusses various aspects of the relationship between banks and their customers. It outlines the obligations and rights of customers, including maintaining sufficient funds and bringing any discrepancies to the bank's notice. It also discusses how the relationship can be terminated voluntarily or by law. The document then covers operations in deposit accounts like minimum balances, interest rates and nomination facilities. Finally, it discusses key negotiable instruments like promissory notes, bills of exchange and cheques as defined in the Negotiable Instruments Act.
This document discusses the relationship between banks and their customers. It outlines that banks core business is accepting deposits from the public and utilizing those deposits to lend to borrowers or make investments. There are two types of deposits - demand deposits which are payable on demand like current accounts, and time deposits which are held for a specified period of time. The document then discusses the various roles and relationships that exist between banks and customers such as debtor-creditor, principal-agent, bailee-bailor, and more. It also outlines the rights and obligations of both banks and customers in the relationship.
PPIs are payment instruments that allow users to purchase goods and services or transfer funds based on the stored value, which represents amounts paid by cash, debit, or credit. PPIs can be issued as cards, accounts, wallets, or vouchers. Only banks can issue open system PPIs, while non-banks can offer closed or semi-closed system PPIs. Becoming a PPI issuer requires a minimum paid-up capital, maintaining funds in an escrow account, complying with KYI requirements, and obtaining authorization from the RBI. The application process involves submitting details about the proposed payment system and being issued a certificate to operate.
The presentation deals with the concept of Right to Default Bail laid down under Section 167 of the Code of Criminal Procedure 1973 and Section 187 of Bharatiya Nagarik Suraksha Sanhita 2023.
Genocide in International Criminal Law.pptxMasoudZamani13
Excited to share insights from my recent presentation on genocide! 💡 In light of ongoing debates, it's crucial to delve into the nuances of this grave crime.
Integrating Advocacy and Legal Tactics to Tackle Online Consumer Complaintsseoglobal20
Our company bridges the gap between registered users and experienced advocates, offering a user-friendly online platform for seamless interaction. This platform empowers users to voice their grievances, particularly regarding online consumer issues. We streamline support by utilizing our team of expert advocates to provide consultancy services and initiate appropriate legal actions.
Our Online Consumer Legal Forum offers comprehensive guidance to individuals and businesses facing consumer complaints. With a dedicated team, round-the-clock support, and efficient complaint management, we are the preferred solution for addressing consumer grievances.
Our intuitive online interface allows individuals to register complaints, seek legal advice, and pursue justice conveniently. Users can submit complaints via mobile devices and send legal notices to companies directly through our portal.
Capital Punishment by Saif Javed (LLM)ppt.pptxOmGod1
This PowerPoint presentation, titled "Capital Punishment in India: Constitutionality and Rarest of Rare Principle," is a comprehensive exploration of the death penalty within the Indian criminal justice system. Authored by Saif Javed, an LL.M student specializing in Criminal Law and Criminology at Kazi Nazrul University, the presentation delves into the constitutional aspects and ethical debates surrounding capital punishment. It examines key legal provisions, significant case laws, and the specific categories of offenders excluded from the death penalty. The presentation also discusses recent recommendations by the Law Commission of India regarding the gradual abolishment of capital punishment, except for terrorism-related offenses. This detailed analysis aims to foster informed discussions on the future of the death penalty in India.
1. Veer Narmad South Gujarat University
Department of Law
Assignment 2022-2023
Name – Anshika Agarwal 01
Ghata Sabhaya 66
Niyati Yadav 87
Semester – 7th
Subject – Banking Law
Course – B.Com. L.L.B (Hons.)
Topic – Banking Ombudsman
Submitted to – Prof. Priti Mishra
2. The Banking Ombudsman Scheme was introduced under section 35A of the Banking Regulation Act, 1949
by RBI.
The Scheme is introduced in the Year 1995.
The present Ombudsman Scheme was introduced in the year 2006.
Further amendment in 2009
Banking ombudsman scheme is an expeditious and inexpensive form to back customer for resolution of
complaint relating to certain services offered by banks.
It is run by the RBI directly to ensure customer protection in the banking industry.
Introduction :-
3. The Banking Ombudsman is a senior official appointed by the RBI.
He has the responsibility to redress customer complaints against deficiency in certain banking
services.
All Scheduled Commercial Banks, Regional Rural Banks and Scheduled Primary Co-operative Banks
are covered under the Scheme.
The Banking Ombudsman can receive and consider any complaint relating to number of deficiencies
related to banking operations including internet banking.
At present 15 ombudsmen were appointed by the RBI to settle complaints and they are appointed in
state capitals.
RBI has mentioned a large number of service deficiencies by banks to customers where the
customers can approach the Ombudsman through a complaint.
Meaning of Ombudsman:-
4. Reserve bank may appoint one or more of its officers in the rank of chief
general manager or general manager to be known as banking ombudsmen.
Appointment of banking ombudsman may be made for a period not
exceeding 3 years at a time
Banking ombudsman shall send to the governer, reserve bank, a report, as
on 30th June every year
Appointment &Tenure:-
5. 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.
As per the amendment, the pecuniary jurisdiction of the Banking Ombudsman to pass an award has
been increased from existing Rs. 10 lakh to Rs. 20 lakh.
Compensation not exceeding Rs. 1 Lakh can also be awarded by the Banking Ombudsman for loss of
time, expenses incurred, as also harassment and mental anguish suffered by the complainant.
The RBI extended the scope of Banking Ombudsman Scheme under which banks could not be penalized
for mis-selling third-party products like insurance and mutual funds via mobile or electronic banking.
Scope of Banking Ombudsman Scheme:-
6.
7. Grounds on which complaints can be filed :-
Some of the grounds on which these complaints can be filed by the aggrieved customers
Delay or non-payment of cheques, drafts, bills etc.,
Non-acceptance of any notes or coins of the Indian currency without giving any sufficient cause,
Charging some amount of commission for any service mentioned in the above point which the bank
does not have the authority of,
Non-payment or delay in payment of the inward remittances,
Non-adherence in regards to the working hours of the banks,
Delay or failure to provide a banking facility, earlier promised by the officials or the agents of the
bank,
Refusing to open deposit accounts without any valid reason,
8. Forced closure of deposit accounts without due notice or without sufficient reason;
Delay or non-remittance of money or any other bank related matters regarding the non-resident Indians,
Levying of any other additional charge without any previous intimation to the customers,
Non-adherence to the instructions and guidelines given by the Reserve Bank in relation to use of ATM or
Debit cards, like – Account debited but cash not dispensed by ATMs, Less cash dispensed by the ATM
machine, Stolen cards, Account debited twice for one transaction done on the abovementioned factors,
Non-adherence to the guidelines given by the Reserve Bank in relation to the Credit Card facilities
provided by the banks, like – Wrong billings on the card, Charging of
9. Inappropriate approach by the recovery agents on behalf of the banks or not following the guidelines
are given by the Reserve Bank in regards to the functioning of the recovery agents.
Any other guidelines stated by the Reserve Bank.
Delay or refusal to accept payments towards taxes and other charges as directed by the Reserve Bank
or the government,
Delay in issuance or refusal to issue redemption of government securities,
Forced closure of deposit accounts without prior notice or without any specific reasons for the delay in
closure of any type of accounts held by the customer,
10. Complaints on the grounds regarding non-observance of Reserve Bank guidelines on interest rates,
refusing to accept applications for loans without a valid reasons or not disposing of the loan
applications within the prescribed time or non-adherence to the provisions of the fair practices code
for lenders as adopted by the bank or Code of Bank’s Commitment to Customers,
Non-adherence to any other guidelines or any other instructions given by the Reserve Bank from time
to time to the banks or their subsidiaries involved in the banking business in the country.
Non-acceptance of application for loans without furnishing valid reasons to the applicant; and
11. Procedure to register a complaint :-
▪ Filing of the complaint
▪ The procedure to register a complaint regarding any of the banks by the customers starts from the
process of identifying the sort of deficiency of service from the list above mentioned.
▪ Who can file the complaint?
▪ The complainant may, himself or through an authorised representative make a complaint to the
Banking Ombudsman within whose jurisdiction the bank is located. It should be noted that in cases of
credit card complaints the complaint will be filed with the Banking Ombudsman within whose
territorial jurisdiction the billing address of the complainant or the customer is located.
12. Details to be provided in the complaint :-
The complaint shall be made in writing or in electronic mode and shall be duly signed by the
complainant or his representative in a specified form which shall state the-
name and address of the complainant,
name and address of the branch or office of the bank against which the complaint has to be filed,
the facts of the complaint including the quantum of loss caused to the complainant and
the relief which is sought from the ombudsman through the complaint.
The complainant is required to file copies of the documents if there are any, to support his claim of
the complaint and for the complaint to be maintainable under subclause (3) of the abovementioned
clause.
13. Onus on the complainant to go to the Bank first :-
▪ The complainant has the onus to go to the bank first for the redressal of his complaint, therefore, no
complaint to the ombudsman shall lie unless the complainant has approached the bank with his
complaint in a written representation and the bank has rejected his complaint or the complainant hasn’t
received any reply from the side of the bank within one month after the complaint has been received by
the bank or the customer is not satisfied with the redressal provided to him.
▪ Also, the complaint with the ombudsman has to be filed within one year from the received reply from the
bank or where no reply has been received by the bank then not later than one year and one month from
the date of representation.
▪ The complaint will not lie to the ombudsman in case if the same cause of action which was settled on
merits by the Ombudsman in any previous case has been brought to him.
14. Directions issued by the Ombudsman :-
▪ After the complaint has been filed to the ombudsman, he has the power to direct the bank, against
which the complaint has been filed to furnish any information or certified copies of any documents
relating to the complaint.
▪ The ombudsman has the responsibility to maintain the confidentiality of the information provided but is
not barred due to the above clause from disclosing any information or document considered by him to
be reasonably required to comply with any legal requirements or the principles of natural justice and
fair play in the proceedings.
15. Settlement of the complaint through Mediation/Conciliation :-
As soon as possible the banking ombudsman shall send the copy of the complaint to the branch
office of the bank mentioned in the complaint by the complainant and initiate to promote a
settlement of the complaint by agreement between the parties through mediation or
conciliation.
What if the complaint is not settled ?
In case if the complaint is not settled by agreement within a period of one month from the date
of receipt of the complaint or from the period which is allowed by the ombudsman, the
ombudsman after hearing the parties involved in the case, may pass an award or reject the
complaint.
16. Duties of the Banking Ombudsman while dealing
with a complaint :-
1) The Banking Ombudsman has to take into account the prevalent laws and directions, guidelines and
instructions given by the Reserve Bank from time to time.
2) The award given should accompany the reasons on which the award was given and also should contain the
directions .
3) Banking Ombudsman shall not have the power to pass an Award directing payment of an amount towards
compensation which is more than the actual loss suffered by the complainant.
4) The Banking Ombudsman may also award compensation in addition to the above but not exceeding rupees 1
million to the complainant, taking into account the loss of the complainant’s time, expenses incurred by the
complainant, harassment and mental agony suffered by the complainant.
17. Appeal :-
If one is not satisfied with the decision passed by the Banking Ombudsman, one can approach the
appellate authority against the Banking Ombudsmen’s decision. Appellate Authority is vested with a Deputy
Governor of the RBI.
The bank also has the option to file an appeal before the appellate authority under the scheme.
The time limit for filing an appeal :-
If one is aggrieved by the decision, one may, within 30 days of the date of receipt of the award, appeal
against the award before the appellate authority. The appellate authority may, if he/ she is satisfied that the
applicant had sufficient cause for not making an application for appeal within time, also allow a further
period not exceeding 30 days.
18. The appellate authority may –
dismiss the appeal; or
allow the appeal and set aside the award; or
send the matter to the Banking Ombudsman for fresh disposal in accordance with such directions as the
appellate authority may consider necessary or proper; or
modify the award and pass such directions as may be necessary to give effect to the modified award; or
pass any other order as it may deem fit.
How does the appellate authority deal with the appeal?
19. 1) An important function of Ombudsman is to protect the rights and freedoms of citizens and needless.
2) The ombudsman shall have the power to supervise the general civil administration. On this point the duty
of ombudsman is closely connected with the public administration. Because the protection of freedom,
execution of policies and other fall within the jurisdiction of public administration and whether these are
properly performed or not that requires to be examined and ombudsman does this job.
3) In many states Ombudsman supervises the general administration. It is also called general surveillance of
the functioning of the government.
4) An important function of Ombudsman is the exercise of discretionary powers. The discretionary powers
are really vast and how to use these powers depend upon the person concerned. Discretionary powers
include corruption, negligence, inefficiency, misbehavior etc.
Powers and Functions of Ombudsman :-
20. Failure to issue bank guarantee –
The bank was alleged to have failed to issue bank guarantee despite sufficient security and the complainant suffered financial
loss. It was held that the non-issuance of bank guarantee despite security deposit with the bank would amount to deficiency in
service and the complainant was held entitled to interest on that security amount.
Failure to confirm remittance –
In one of the cases, the complainant's son remitted an amount from abroad to be credited to his NRI account with appellant
bank. The remittance was not confirmed till a long time. Appellant bank pleaded that non-confirmation was due to failure of
computers.
The issue is whether this delay on the part of the bank amounted to deficiency in service.
The Commission in appeal observed that bank officials could have verified vouchers and cheques received by post or
confirmation and could have given correct reply within a reasonable time. It was held that failure of the bank to confirm
remittance received from outside country within a reasonable period amounts to deficiency in service.
Following are the cases, through which it can be ascertained that what the
grievances have been handled by the Banking Ombudsman Scheme :-