Yes, the Banking Ombudsman has the authority to reject a complaint under certain circumstances. While the Ombudsman’s primary role is to resolve complaints and facilitate a fair resolution between the complainant and the bank or NBFC, there are situations where a complaint may be rejected. Some of the reasons for rejection include:
Banks and Non-Banking Financial Companies (NBFCs) are vital pillars of our financial system, serving as essential intermediaries for various financial services. While these institutions strive to maintain ethical practices, there might be instances where consumers face issues that cannot be resolved through regular channels. In such cases, the question arises: Can we take legal action against a bank or NBFC? Let’s explore the circumstances under which legal action is possible and the steps to follow in seeking justice.
Banks and Non-Banking Financial Companies (NBFCs) play a crucial role in our financial lives, providing us with various services like loans and credit facilities. While most of these institutions maintain ethical practices, some unfortunate individuals might experience recovery harassment during debt collection. Unfair tactics, incessant calls, and aggressive behavior can turn an already stressful situation into a nightmare. If you find yourself facing such an issue, it’s essential to know your rights and how to complain effectively against a bank or NBFC for recovery harassment.
The Ombudsman appointed by the Reserve Bank of India (RBI) possesses certain powers and functions to effectively address and resolve complaints lodged by customers against RBI-regulated entities. The powers and functions of the Ombudsman include:
The RBI Integrated Ombudsman Scheme 2021 is a framework introduced by the Reserve Bank of India (RBI) to enhance and streamline the grievance redressal mechanism for customers of banks and Non-Banking Financial Companies (NBFCs). The scheme consolidates and replaces the earlier separate Ombudsman schemes for banks and NBFCs, aiming to provide a unified and efficient platform for complaint resolution.
The Centralised Receipt and Processing Centre (CRPC) is a facility established by the Reserve Bank of India (RBI) to receive, process, and manage various types of complaints and grievances filed by individuals against RBI-regulated entities. It serves as a centralized hub for handling complaints and ensures their effective and efficient processing.