In exercise of the power conferred by Section 35(A) of the Banking Regulation Act 1949(10 of 1949) the Banking Ombudsman scheme was introduced in 1995.

Reserve Bank of India has amended the Banking Ombudsman Scheme 1995 in the year 2002 effective from 14.06.2002 with a view to enlarge the coverage and include the constitution of a Review Authority and settle the disputes through a forum of arbitration. Again, the Banking Ombudsman scheme has been amended by RBI in the year 2002 and introduced the Banking Ombudsman 2006 to be effective from 01.01.2006 with a view to enlarge the extent and scope of the authority and functions of Banking Ombudsman for redressal of grievances against deficiency in Banking Services.


1. What does Banking Ombudsman Scheme, 2006 offer?

2. Has the Banking Ombudsman Scheme come into effect?

3. Who is a Banking Ombudsman?

4. Does the Banking Ombudsman have any legal power?

5. How many Banking Ombudsman have been appointed and where are they located?

6. Which Banks are covered under the Banking Ombudsman Scheme, 2006?

7. How is the new Banking Ombudsman Scheme 2006 different from the old Banking Ombudsman scheme 2002?

8. What sorts of disputes can the Banking Ombudsman consider?

9. Will the Banking Ombudsman consider complaints to Non-Resident Indians?

10. When can the complainant file his complaint?

11. Does the complainant have to fulfill any conditions before complaining to the Banking Ombudsman?

12. Can a complaint be made before a Banking Ombudsman on the same subject matter settled through previous proceedings before any of the Banking Ombudsman?

13. Can a Complaint be made before the Banking Ombudsman on the same subject matter for which any proceedings before any Court, tribunal or arbitrator or any other forum is pending or a decree or award or a final order, has already been passed by any such competent Court, Tribunal, Arbitrator or Forum?

14. Is there any procedure for filing the complaint before the Banking Ombudsman?

15. Can a complaint be filed by an authorized representative of the Complainant?

16. Is there any cost in filing complaints with Banking Ombudsman?

17. What details are required in the application?

18. What happens when a complaint is received by the Banking Ombudsman?

19. What happens if the Bank makes an offer to settle?

20. What happens if the complainant is not settled by agreement?

21. What will the Banking Ombudsman consider for passing an award?

22. What happens when the Banking Ombudsman passes an award?

23. What is to be done by the complainant if the award is acceptable to him?

24. Can a complainant seek extension of time for sending his letter of acceptance of the award?

25. What does Banking Ombudsman do receipt of request from a complainant for seeking extension of time for sending his letter of acceptance of the award?

26. What happens if the complainant sends a letter of acceptance of the award in full and final statement of his claim?

27. Is there any further recourse available to the complainant, if he rejects the Banking Ombudsman award?

28. Does the rejection of any award by the complainant also bar any recourse and remedy available to him in respect of his grievances, before Court, forum or any other Authority as per law in force?

29. What if the award is not acceptable by the Bank?

30. Who is the Appellate Authority?

31. Is there any time limit for filing an appeal?

32. How does the Appellate Authority deal with the appeal?

33. Is it open to the Banking Ombudsman to reject a complaint at any stage?

34. By which schemes the pending complaints filed (before coming into operation of the new scheme of 2006) would be governed?

35. What is the role of the Reserve Bank in relation to the Scheme?

36. When was the Banking Ombudsman Scheme introduced?