RESERVE BANK OMBUDSMAN
Allahabad Bank to pay customer Rs 46,000 lost in unauthorised debits from account; RBI rules on customer liability for unauthorised transactions
How to report unauthorized transaction in savings account: As per the guidelines set by the Reserve Bank of India (RBI), customers will bear limited responsibility in case unauthorized electronic transactions result in deductions from their accounts or cards. Let's take a closer look at the RBI regulations.
Bombay High Court orders Bank of Baroda to refund Rs 76 lakh in cyber fraud case
The Bombay High Court ordered Bank of Baroda to refund Rs 76 lakh to a company due to online fraud. The ruling emphasized the importance of customers reporting fraudulent transactions promptly, following RBI guidelines. The court criticized the banking ombudsman for not properly investigating the case.
Unauthorised transaction due to third party breach: Bank customer has zero liability, says HC
The Bombay High Court ruled that customers have zero liability for unauthorized transactions caused by third-party breaches, directing Bank of Baroda to refund Rs 76 lakh to Pharma Search Ayurveda Private Limited. The court cited a 2017 RBI circular and the bank’s Consumer Protection Policy, highlighting that the deficiency lay not with the bank or the customer. The petitioners reported the fraud immediately, but the bank ombudsman initially rejected their claim. The court found no negligence by the petitioners and ordered the refund within six weeks.
Credit card issued without consent? Here is what you can do
Card issuers are restricted from offering unsolicited credit cards and are required to get the customer's prior and explicit authorisation before issuing the card, according to the Reserve Bank of India (RBI) rules.
Trouble with bank and can't find resolution? File a complaint against bank with RBI Ombudsman; who are eligible, when, where to file
RBI Ombudsman: Facing any issue with your bank? First try to solve it by filing a complaint, etc. If it is still not solved you may approach the Reserve Bank of India (RBI) and file a complaint under the 'Banking Ombudsman Scheme'. Read here to know who can file such a complaint and when will such a complaint not be considered.
RBI appoints R. Lakshmi Kanth Rao as new Executive Director
The Reserve Bank of India (RBI) has appointed R. Lakshmi Kanth Rao as its new Executive Director, effective May 10. Rao will oversee the Deposit Insurance and Credit Guarantee Corporation, Right to Information Act (FAA), and Department of Communication. Rao has over three decades of experience in various domains, including Banks and NBFCs regulation, supervision, and consumer protection.
RBI asks banks to look at setting up central fund to pay internal ombudsmen
RBI advises creating a central fund for internal ombudsman salaries to ensure independence and customer rights protection. The Annual Report highlighted a 68% increase in customer complaints. Challenges in implementation include differing compensation structures, as noted by a senior bank executive.
AI increases cybersecurity challenges manifold for financial institutions: RBI Guv Das
Governor Shaktikanta Das addressed the Annual Conference of RBI Ombudsman, emphasizing the importance of data analysis, cybersecurity, fraud prevention, and efficient grievance redressal mechanisms for financial institutions to protect customer information and enhance customer service.
RBI governor asks banks to plug gaps in customer grievance mechanisms
The Reserve Bank of India has instructed banks and other financial intermediaries to address shortcomings in their customer grievance systems and ensure equitable pricing of their products and services, along with maintaining transparency in customer dealings and preventing mis-selling.
Customer complaints with RBI Ombudsman up 68% in 2022-23
Customer complaints with the Reserves Bank Ombudsman increased by 68% in 2022-23. Under RBIOS, the central bank handled 7,03,544 complaints, with public sector banks accounting for 41% and private sector banks accounting for 31% of the complaints.
RBI calls upon internal ombudsmen to give inputs for enhancing processes
The conference was attended by MD & CEOs, executive directors in charge of customer service verticals, internal ombudsmen, principal nodal officers of select regulated entities from among banks, NBFCs and CICs, besides senior officials from the Reserve Bank of India.
CICs to pay Rs 100/day to customers for delay in updation of credit info: RBI
The RBI announced that credit information companies (CICs) will have to compensate clients for delays in updating or correcting their credit information by giving them a daily payment of Rs 100. The 'Framework for reimbursement to consumers for delayed updation/rectification of credit information' will be implemented in six months by CICs.
RBI ombudsman scheme can't be reduced to tantalising promise: Delhi HC
The Delhi High Court has criticized the "high-handed approach" of the RBI ombudsman in a complaint against a bank, stating that it erodes public trust. The court emphasized that the Ombudsman Scheme is crucial in resolving consumer complaints against regulated entities and called for a cost-effective and speedy resolution.
RBI to harmonise Internal Ombudsman framework to strengthen customer grievance mechanism
The Reserve Bank of India (RBI) is implementing changes to strengthen its customer grievance redressal system. RBI Governor Shaktikanta Das announced the consolidation and harmonisation of the Internal Ombudsman guidelines into a single master direction. This move aims to enhance the customer complaint resolution process for regulated entities. The Internal Ombudsman mechanism was introduced in 2015 and has since been extended to various Non-Banking Financial Companies, Credit Information Companies, and Non-Bank System Participants. The RBI also plans to issue a framework for recognising Self-Regulatory Organisations to promote compliance culture and provide a consultative platform for policy-making. Stakeholder comments will be sought on the draft of the framework.
RBI streamlines Internal ombudsman scheme of banks, other financial institutions to help customers
As per the RBI governor, the consolidation of master guidelines will fine tune the redressal of customers' complaints. In November 2021, the RBI announced the Integrated Ombudsman by merging three different ombudsman schemes. The current announcement deals with streamlining the operational aspect of the ombudsman scheme to make it easier for customers to file complaints.
1 crore complaints to banks every year: Know what the RBI panel recommends
A panel set up by the Reserve Bank of India (RBI) has recommended measures to improve customer experience at banks and other regulated entities (REs). The panel suggested an online facility for reporting fraudulent transactions, which would trigger an automatic alert from the victim’s bank to relevant counterparts for blocking the flow of funds. To streamline call centres, REs should provide a dedicated IVRS flow and offer an automated call-back feature to avoid callers repeatedly pressing buttons in an effort to speak to executives. The RBI may establish a RE-agnostic common complaint portal for lodging complaints on a single platform.
Credit bureaus to be brought under RBI's ombudsman
The regulator said there will also be a provision for SMS and email alerts to customers when their credit information is accessed from CICs. The RBI said it will also bring in a time frame for ingestion of data received by CICs from Credit Institutions and disclosures relating to the number and nature of customer complaints received on the website of CICs.
How do I get my money back if I transferred it to the wrong bank account?
Though we take so many precautions when we transfer money, mistakes can happen. Your hard-earned money will go to the wrong account if one digit is replaced by another.
Soon, file complaint against HFCs with RBI’s integrated ombudsman
RBI, in the annual report of ombudsman scheme, said that its consumer education and protection department is working towards extension of the scheme to HFCs. This may be done by March 31, 2023. Last year, the coverage of the integrated ombudsman scheme was extended to credit information companies and the non-scheduled urban cooperative banks with a deposit size of Rs 50 crore or above.
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