{"id":4884,"date":"2017-06-24T13:52:45","date_gmt":"2017-06-24T13:52:45","guid":{"rendered":"https:\/\/sunkrish.com\/?p=4884"},"modified":"2017-06-27T13:53:33","modified_gmt":"2017-06-27T13:53:33","slug":"rbi-increases-scope-of-banking-ombudsman","status":"publish","type":"post","link":"https:\/\/sunkrish.com\/index.php\/2017\/06\/24\/rbi-increases-scope-of-banking-ombudsman\/","title":{"rendered":"RBI Increases Scope of Banking Ombudsman"},"content":{"rendered":"<p style=\"text-align: left;\"><a href=\"https:\/\/sunkrish.com\/index.php\/2016\/04\/18\/forex-reserves-hit-record-high-at-359-917-bn\/rbi-2-2\/\" rel=\"attachment wp-att-3906\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-3906 alignleft\" src=\"https:\/\/sunkrish.com\/wp-content\/uploads\/2016\/04\/RBI-2.jpg\" alt=\"\" width=\"259\" height=\"194\" \/><\/a>The Reserve Bank of India has widened the scope of its banking ombudsman platform by including issues regarding mis-selling of third-party products, and customer grievances related to mobile banking and electronic banking issues.<\/p>\n<p>The new rule will be effective from July 1, and the banking ombudsmen will enjoy more power in their pecuniary jurisdiction.<\/p>\n<p>Banks sell third-party insurance or MF products to earn a fee, but they were so far not liable to address customer grievances.<\/p>\n<p>Now, the deficiencies arising out of sale of insurance, mutual fund and other third-party products will be looked into.<\/p>\n<p>Banks would now have to take the onus of providing after-sales service on third-party products.<\/p>\n<p>RBI has also simplified the process of making complaints.<\/p>\n<p>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 and electronic banking services.<\/p>\n<p>The pecuniary jurisdiction of the banking ombudsman to pass an award has been increased from existing, Rs.10 lakh to Rs. 20 lakh.<\/p>\n<p>Ombudsman can direct banks to pay compensation up to Rs. 1 lakh to the complainant for loss of time, expenses incurred as also, harassment and mental anguish suffered.<\/p>\n<p>Source: <a href=\"https:\/\/www.pressreader.com\/india\/economic-times\/20170624\/281930247985177\" target=\"_blank\" rel=\"noopener noreferrer\">https:\/\/www.pressreader.com\/india\/economic-times\/20170624\/281930247985177<\/a><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Reserve Bank of India has widened the scope of its banking ombudsman platform by including issues regarding mis-selling of third-party products, and customer grievances related to mobile banking and electronic banking issues. The new rule will be effective from &hellip; <a href=\"https:\/\/sunkrish.com\/index.php\/2017\/06\/24\/rbi-increases-scope-of-banking-ombudsman\/\">Continued<\/a><\/p>\n","protected":false},"author":1,"featured_media":3906,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4,493],"tags":[310,305,974,367],"class_list":["post-4884","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financial-corporate-services","category-economy-business-updates-corporate-affairs","tag-bank","tag-economy","tag-ombudsman","tag-reserve-bank-of-india-rbi"],"_links":{"self":[{"href":"https:\/\/sunkrish.com\/index.php\/wp-json\/wp\/v2\/posts\/4884","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/sunkrish.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sunkrish.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sunkrish.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/sunkrish.com\/index.php\/wp-json\/wp\/v2\/comments?post=4884"}],"version-history":[{"count":1,"href":"https:\/\/sunkrish.com\/index.php\/wp-json\/wp\/v2\/posts\/4884\/revisions"}],"predecessor-version":[{"id":4885,"href":"https:\/\/sunkrish.com\/index.php\/wp-json\/wp\/v2\/posts\/4884\/revisions\/4885"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/sunkrish.com\/index.php\/wp-json\/wp\/v2\/media\/3906"}],"wp:attachment":[{"href":"https:\/\/sunkrish.com\/index.php\/wp-json\/wp\/v2\/media?parent=4884"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sunkrish.com\/index.php\/wp-json\/wp\/v2\/categories?post=4884"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sunkrish.com\/index.php\/wp-json\/wp\/v2\/tags?post=4884"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}