Understand the difference between filing an RBI complaint and using bank grievance redressal. Learn which option is best for resolving your banking issue.
Understand your consumer protection rights when filing an RBI complaint. Learn the steps to resolve banking issues and protect yourself from fraud.
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.
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.
In India, the banking sector plays a significant role in the lives of millions, offering a range of financial services to individuals and businesses alike. While most banks maintain high ethical standards, there have been cases of bank harassment where consumers have faced unfair practices during debt recovery or other interactions. To protect consumers from such harassment, the Reserve Bank of India (RBI) and the government have put in place several regulations and guidelines. This blog explores the key laws and provisions that safeguard individuals against bank harassment in India.