BANKING AWARENESS
IBPS-PO 2018
The Banking Ombudsman Scheme is an expeditious and inexpensive forum for bank customers for resolution of complaints relating to certain services rendered by banks. The Banking Ombudsman Scheme is introduced under Section 35 A of the Banking Regulation Act, 1949 by RBI with effect from 1995.
2. Who is a Banking Ombudsman?
The Banking Ombudsman is a senior official appointed by the Reserve Bank of India to redress customer complaints against deficiency in certain banking services covered under the grounds of complaint specified under Clause 8 of the Banking Ombudsman Scheme 2006 (As amended upto July 1, 2017).
3. How many Banking Ombudsmen have been appointed and where are they located?
As on date, twenty Banking Ombudsmen have been appointed with their offices located mostly in state capitals. The addresses and contact details of the Banking Ombudsman offices have been provided under Annex I of the Scheme.
4. Which are the banks covered under the Banking Ombudsman Scheme, 2006?
All Scheduled Commercial Banks, Regional Rural Banks and Scheduled Primary Co-operative Banks are covered under the Scheme.
5. What are the grounds of complaints?
The Banking Ombudsman can receive and consider any complaint relating to the following deficiency in banking services:
non-payment or inordinate delay in the payment or collection of cheques, drafts, bills etc.;
non-acceptance, without sufficient cause, of small denomination notes tendered for any purpose, and for charging of commission in respect thereof;
non-acceptance, without sufficient cause, of coins tendered and for charging of commission in respect thereof;
non-payment or delay in payment of inward remittances ;
failure to issue or delay in issue of drafts, pay orders or bankers’ cheques;
non-adherence to prescribed working hours ;
failure to provide or delay in providing a banking facility (other than loans and advances) promised in writing by a bank or its direct selling agents.
Q6. What is KYC? Why is it required?
Response: KYC means “Know Your Customer”. It is a process by which banks obtain information about the identity and address of the customers. This process helps to ensure that banks’ services are not misused. The KYC procedure is to be completed by the banks while opening accounts. Banks are also required to periodically update their customers’ KYC details.
Q7. What are the KYC requirements for opening a bank account?
Response: To open a bank account, one needs to submit a ‘proof of identity and proof of address’ together with a recent photograph.
Q8. What are the documents to be given as ‘proof of identity’ and ‘proof of address’?
Response: The Government of India has notified six documents as ‘Officially Valid Documents’ (OVDs) for the purpose of producing proof of identity. These six documents are Passport, Driving Licence, Voters’ Identity Card, PAN Card, Aadhaar Card issued by UIDAI and NREGA Job Card. You need to submit any one of these documents as proof of identity. If these documents also contain your address details, then it would also be accepted as ‘proof of address’. If the document submitted by you for proof of identity does not contain address details, then you will have to submit another officially valid document which contains address details.
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