Personal finance

Feel cheated by your bank, NBFC? You can complain to RBI ombudsman; here’s how

Feel cheated by your bank NBFC You can complain to RBI ombudsman heres how

Feel cheated by your bank, NBFC? You can complain to RBI ombudsman; here’s how

Photo : PTI

The

Reserve Bank of India

in November

2021

took a major step towards timely resolution of complaints by customers of the central bank regulated entities such as commercial banks and non-banking finance companies NBFCs.

The central bank under t under Section 35A of the Banking Regulation Act, 1949, Section 45L of the Reserve Bank of India Act, 193, and Section 18 of the Payment and Settlement Systems Act, 2007, combined three earlier schemes —the Banking Ombudsman Scheme, 2006; the Ombudsman Scheme for Non-Banking Financial Companies, 2018; and the Ombudsman Scheme for Digital Transactions, 2019, to form the Reserve Bank – Integrated Ombudsman Scheme, 2021, on November 12, 2021.

Under the Integrated Ombudsman Scheme, 2021, any customer may escalate her complaint to the central bank ombudsman if the matter has not been resolved to the satisfaction of the customer; or the concerned bank has not replied within a period of 30 days by the regulated entity.

Online and physical complaints under RBI Integrated Ombudsman Scheme, 2021

The complaints under the scheme made online can be registered on the portal https://cms.rbi.org.in. The status of the complaint can also be checked on the CMS complaint. Complaints in electronic mode E-mail and physical form, including postal and hand-delivered complaints, shall be addressed and sent to the place where the Centralised Receipt and Processing Centre of the Reserve Bank is established, for scrutiny and initial processing. Provided that the complaints that are received directly in any of the offices of the Reserve Bank shall be forwarded to the Centralised Receipt and Processing Centre for further action.

Customers having grievances against banks or NBFCs for deficiency in services, which is not redressed satisfactorily or in a timely manner by the REs can directly lodge their complaint on the Complaint Management System CMS portal https://www.rbi.org.in or by e-mail at crpc@rbi.org.in or in physical mode at the ‘Centralised Receipt and Processing Centre’ CRPC set up at RBI, 4th Floor, Sector 17, Chandigarh – 160017.

Complainants can get more information on helpline 14440.

What kind of complaint and against whom?

The scheme applies to the services provided by all RBI-regulated entities in India to its customers under the provisions of the Reserve Bank of India Act, 1934, the Banking Regulation Act, 1949, and the Payment and Settlement Systems Act, 2007.

All commercial banks, regional rural banks, scheduled primary Urban cooperative banks and non-scheduled primary Urban co-operative banks with deposits size of Rs 50 crore and above as on the date of the audited balance sheet of the previous financial year; all NBFCs excluding Housing Finance Companies which are authorised to accept deposits; or have customer interface, with an assets size of Rs 100 crore and above as on the date of the audited balance sheet of the previous financial year.

The central bank under t under Section 35A of the Banking Regulation Act, 1949, Section 45L of the Reserve Bank of India Act, 193, and Section 18 of the Payment and Settlement Systems Act, 2007, combined three earlier schemes —the Banking Ombudsman Scheme, 2006; the Ombudsman Scheme for Non-Banking Financial Companies, 2018; and the Ombudsman Scheme for Digital Transactions, 2019, to form the Reserve Bank – Integrated Ombudsman Scheme, 2021, on November 12, 2021.

Source: https://www.timesnownews.com/business-economy/personal-finance/feel-cheated-by-your-bank-nbfc-you-can-complain-to-rbi-ombudsman-heres-how-article-90624073

Donovan Larsen

Donovan is a columnist and associate editor at the Dark News. He has written on everything from the politics to diversity issues in the workplace.

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