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ABOUT INTEGRATED OMBUDSMAN SCHEME

ABOUT INTEGRATED OMBUDSMAN SCHEME

  • Recently, the RBI had released framework for strengthening the grievance redress mechanism in banks.
  • Reserve Bank of India (RBI) announced an integrate the three separate ombudsman scheme “One Nation One
    Ombudsman” to improve grievance redressal mechanism more efficient and simpler for bank customers.
  • The redressal will continue to be cost-free for customers of banks and members of the public.
  • Key Highlights
  •  There would be regulations which will need banks to provide increased disclosure of complaints and pay for the cost of redressal in case the complaints are higher than the peer group etc.
  • The redressal will continue to be cost-free for customers of banks and members of the public.
  • At present, there are three separate ombudsmen for banks, non-banking finance companies (NBFCs) and non-bank prepaid payment issuers (PPIs) that are wallets.                ABOUT INTEGRATED OMBUDSMAN SCHEME
  • This is intended to make the process of redress of grievances easier by enabling the customers to register their complaints under the integrated scheme, with one centralized reference point.
  • It will reduce the hassle for customers in choosing the right ombudsman. The scheme facilitates disposal of disputes by means of settlement and reconciliation without going to the court.
  • It is fully funded by the RBI and virtually covers all banking transactions related grievances except their
    business decisions like sanctioning of credit etc.                    ABOUT INTEGRATED OMBUDSMAN SCHEME
  • Functions of Ombudsman
  • An important function of Ombudsman is to protect the rights and freedoms of citizens and needless.
  • In many states Ombudsman supervises the general administration. It is also called general surveillance of the functioning of the government.                ABOUT INTEGRATED OMBUDSMAN SCHEME
  • 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.
  • 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.                          ABOUT INTEGRATED OMBUDSMAN SCHEME

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