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Consumer complaints about banking services jumped 57 per cent to 3.08 lakh for the year to June 30, 2020, the Reserve Bank said on Monday. In its annual report on Ombudsman Schemes, the central bank said over a fifth of the complaints were about services at ATMs or with debit cards, followed by mobile or electronic banking at 13.38 per cent. Non-observance of Fair Practices Code (FPC) was at third place. Complaints received regarding credit cards, failure to meet commitments, levy of charges without notice, loans and advances and non-adherence to the Banking Codes and Standards Board of Ind...

India Business News: In its annual report on Ombudsman Schemes, the central bank said over a fifth of the complaints were about services at ATMs or with debit cards, follo

Synopsis Currently, there are separate ombudsmen for banks, non-banking finance companies and prepaid card issuers. The move is aimed at providing an efficient dispute resolution mechanism to the customers. In the Statement on Development and Regulatory policy issued today by the RBI Governor Shatikanta Das, it has been proposed to merge the three-separate ombudsman schemes for banks, NBFCs and non-bank prepaid instruments. As per the announcement, the Integrated Ombudsman Scheme will be rolled out in June, 2021. Currently, there are separate ombudsmen for banks, non-banking finance companies...

 9 The Reserve Bank of India (RBI), while releasing a framework for strengthening grievance redress mechanism, has warned supervisory action against banks that fail to improve their redress mechanism in a time-bound manner. Last month Moneylife had written about how the RBI is winding up its customer services department and also BCSBI (Banking Codes and Standards Board of India). The RBI now appears to be getting serious about better grievance redressal system.   In a notification issued this week, the RBI said “Effective grievance redress should be an integral part of the business strat...

2522 The bank from which I had taken an education loan for my daughter is charging me a much higher rate of interest than what is mentioned in the loan document. When I protested, it said it had mentioned the interest rate charged for a lower loan slab by mistake in the loan agreement and what is being charged is the applicable rate of interest for the loan amount. What can I do? The instalments have gone up considerably on account of the higher rate of interest and I am now finding it difficult to pay. The bank is bound by the terms of the loan agreement and cannot charge you more than the c...