In India, the Reserve Bank of India (RBI) is like the supervisor for banks and financial services. If you’re not happy with your bank’s services, RBI can look into it. They have the power to check if the bank is doing anything unfair, if the services are not up to the mark, or if there are problems with loans and charges.
How to File a Complaint:
RBI has a Banking Ombudsman to deal with complaints. This is a quick and affordable way to get your issues with the bank sorted out.
In simple terms, if your bank is not playing fair, RBI is there to make sure things get fixed. You can complain to them, and they’ll help sort out the problems you’re facing with your bank.
If you have a problem with your bank and they don’t respond within a month, say no to your complaint, or if you’re not happy with how they replied, you can complain to the Banking Ombudsman. They’re like a helper who looks into these issues and makes sure things are fair between you and the bank. It’s a way to get things sorted out when you’re not satisfied with how your bank is treating you.
The complaint may be filed online through the portal dedicated to this purpose (www.cms.rbi.org.in). It may also be sent by email or postal mail to the Centralised Receipt and Processing Centre.
Can compensation be claimed for mental distress and harassment:
The Banking Ombudsman has the authority to provide compensation, which can go up to Rs 1 lakh (Rs 100,000), for mental distress and harassment suffered by the person filing a complaint. This compensation takes into account the time, expenses, as well as the emotional distress and harassment experienced by the complainant. In simpler terms, if you’ve faced problems with a bank and it has caused you mental stress, the Banking Ombudsman can award you compensation, considering the impact on your time, money, and emotional well-being.
Grounds on which complaint can filed:
- Non-adherence to the fair practices code as adopted by the bank
- Non-adherence to the provisions of the Code of Bank’s Commitments to Customers issued by Banking Codes and Standards Board of India and as adopted by the bank
- Non-observance of Reserve Bank guidelines on engagement of recovery agents by banks
