Abstract: Banks are the financial institution which directly impacts the nation’s economy as they represent monetary institution that receives deposits from different means and sources and channels those deposits into lending activities by acting directly or through capital markets. A bank connects the customers with capital shortages to customers with capital excess. Banking provides opportunity for the investors and links available resources for the growth and sustenance of business and industry. Banking is a service industry where customer satisfaction is the most important aspect to sustain the solid competition among the different players. Often the banking customers experience dissatisfaction due to banking services which in turn leads to grievances reporting to the service bank. In order to provide quick and effective grievance redressal for banking customers the Reserve Bank of India established the Banking Ombudsman Scheme in the year 1995 to provide efficient and inexpensive redressal of grievances against deficiencies in services provided by Commercial Banks, Scheduled Primary Co-operative Banks and Regional Rural Banks. Later the Banking Ombudsman Scheme was amended in June 2002 and 2006 respectively. This research article provides an insight on implementation of Banking Ombudsman scheme throught the decade from 2005-2015. Implementation and effectiveness was evaluated based on the secondary data available in the form of RBI annual reports, Research Journals etc. Outcome of this research has confirmed significant improvements in the banking sector through effective implementation of Banking Ombudsman scheme.
Keywords: Indian Banking Sector, Bank, Banking Ombudsman (BO), Banking Complaints, Banking Ombudsman Scheme (BOS), Office of Banking Ombudsman (OBO),Reserve Bank of India (RBI).
Title: Banking Ombudsman Scheme – A decade review of implementation and effectiveness
Author: Nidhi Chaturvedi, Dr. L.K Tripathi
International Journal of Management and Commerce Innovations
ISSN 2348-7585 (Online)
Research Publish Journals
