You are here: Home » Banking News

Annual Report on Banking Ombudsman Scheme 2009-10 released

February 1, 2011‐ Mumbai, Maharashtra, India

The Annual Report on Banking Ombudsman Scheme 2009-10 was released by the Reserve Bank of India (RBI) today. The report showed that the number of complaints filed before the Banking Ombudsman have increased by 15% to 79, 266 complaints. The increase in complaints was attributed largely to the awareness campaigns undertaken by RBI. The BO has disposed-off 94% of the total complaints.

Banking customers from metropolitan areas constitute to 34% of the total complaints followed by rural areas (32%), urban areas (20%) and semi-urban areas (14%).

Credit cards still continue to area where a majority of the complaints are made. Credit cards constitute 24% of the total complaints followed by complaints relating to 'Failure to meet commitments made' (non adherence to fair practices code as adopted by banks) at 15 per cent. Complaints related to loans and advances at 8 per cent, remittance related complaints (7 per cent), deposits related complaints (5 per cent), pension related complaints (6 per cent).

The RBI is quick in understanding the nature of the banking customers and has hence brought out some important changes in the Indian banking system. For instance, a delay in payment of pension dues by agency banks will make them compensate at bank rate + 2%. Similarly, delay in resolving complaints in respect of failed ATM transactions will force the bank to compensate the customer at Rs. 100 per day.

Bookmark and Share

Other top banking news


Comments


Search this site