Category : Economy & Banking
 The Reserve Bank of India (RBI) asked all scheduled commercial banks with more than 10 branches to appoint an Internal Ombudsman (IO). The apex bank has, however, excluded regional rural banks (RRBs)from appointing IOs. The internal ombudsman scheme was introduced by the RBI to strengthen the internal grievance of banks and to ensure that the complaints of the customers are redressed. In order to further enhance the independence of the IO and also to strengthen the monitoring system over the functioning of the IO mechanism, the central bank said it has reviewed the arrangement in the form of ‘Internal Ombudsman Scheme, 2018’.
With this step, the RBI is seeking to ensure tighter internal grievance redressal system at banks and to also ensure that complaints are redressed at the level of the bank and customers do not have to approach other fora for redressal.
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| Source- AIR World Service |
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