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Banking services are central to the economic growth and expansion of any economy. If people are unhappy with the services they receive from their banks, it can lead to certain problems. Banks are a major pillar in the growth and development of a country and are crucial to the people as well.
Banks help people develop a habit of saving and investing. If people feel burdened by the lack of services or face problems in the same, it can lead to people avoiding availing of the banking services. This in return can hamper business activities and prove to be harmful in the long run.
Considering the importance of banking services, the banks and the government of a country must take all the efforts possible to make the banking services top-notch.
What is an Ombudsman for banks?
An Ombudsman for banks is a person appointed by the Reserve Bank of India, India’s central bank and regulatory body responsible for the smooth functioning of banking services and the issue of currency notes. This person, that is, an Ombudsman, is responsible for registering the complaints of consumers who face issues related to banking services.
An Ombudsman for banks is not appointed by a legal statute and due to this, it is not in his hands to forcefully make a person of the public comply with his orders.
An Ombudsman RBI can register the complaints that lie within his ambit of powers as vested in his position by the Reserve Bank of India.
The powers of an Ombudsman are several and quite comprehensive. Largely speaking, an Ombudsman RBI can register complaints about delay and refusal of payments and deposits; he can also register complaints related to non-acceptance of notes and coins of smaller denominations unless the act is completely justified.
Did we need a Banking Ombudsman Complaints option?
The answer is very simple. Yes, the country needed a designated official for this job very much. Every day, lakhs of people face some bank service issue or another. Earlier they had to suffer because their problems were not taken seriously.
But now, with a designated official to register their complaints, the customers feel that their voices are heard. They feel there is hope that their issues will be resolved.
The fact that the Banking Ombudsman complaints are qualified and experienced professionals ensures the resolution as long as the complaints are legitimate and valid and fall under the scope of work of an Ombudsman.
Qualities needed in an Ombudsman
Given the nature of the work, it is very important for an Ombudsman for banks to have these qualities:
- An Ombudsman has to be experienced, qualified, and should possess knowledge of banking rules and regulations and laws.
- An Ombudsman should be honest and hardworking. A corrupt official can make things even more difficult for the customers.
- An Ombudsman must be experienced in the field. He should not be a newcomer given the importance of his work.
What is the number of Ombudsman in India?
Every office of RBI has an Ombudsman for Banks, so naturally, there are as many Ombudsman in India as there are RBI offices. There are twenty-two regional Ombudsman in India.
Conclusion:
A Banking Ombudsman works hard to register the complaints he receives and makes sure the customer’s issues are resolved. Such a position requires an attentive and knowledgeable person. The Banking Ombudsman is a quasi-judicial body and thus it also vests the person appointed on this post to interpret the law albeit he cannot forcefully make someone submit to his orders.
