Widening the scope of its Banking Ombudsman Scheme, the Reserve Bank of India (RBI) has included complaints relating to mis-selling and mobile banking in its purview for which compensation up to Rs 1 lakh can be awarded.
The amended Scheme will come into force from July 1.
"RBI has widened the scope of its Banking Ombudsman Scheme 2006, to include deficiencies arising out of sale of insurance/mutual fund/other third party investment products by banks. Under the amended Scheme, a customer would also be able to lodge a complaint against the bank for its non-adherence to RBI instructions with regard to mobile banking/ electronic banking services in India," the apex bank said in a statement on Friday.
The pecuniary jurisdiction of the Banking Ombudsman to pass an Award has been increased from existing Rs 10 lakh to to Rs 20 lakh. Compensation not exceeding Rs 1 lakh can also be awarded by to the complainant for loss of time, expenses incurred as also, harassment and mental anguish suffered by the complainant, the RBI said.
--IANS
mm/vd
Disclaimer: No Business Standard Journalist was involved in creation of this content
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app