There is a mechanism against the deficiency in banking services. Now consumer of banking services has right available to file complaint against the financial institution specifically banks for deficiency in services. It is a common practice that bank does not respond to the complaint of the consumers. Now one can approach the banking Ombudsman the quasi-judicial authority under the banking “ombudsman scheme 2006” which cover all the scheduled, primary, cooperative banks, ATM’s, credit card, debit cards, unfair practice non compliance of rules and RBI directives on interest rates, disbursement etc or any other services which comes under the RBI domain.
The complains regarding the delayed payment of cheques, drafts, non-payment or any other deficiency in the services of the banks. Consumer can register a complaint against the deficiency in the services. Around 15 ombudsmen are working throughout the country having their office located at state capitals. Consumers have to register a complaint in writing with the bank with acknowledgement if bank is unable to respond, rectify or reject the complaint or consumers are not satisfied with the bank’s reply, then affected party can register a complaint with a baking ombudsman. Even online complaint registration is also available. By logging on www.bankingombudsman.rbi.gov.in, and download the form available and e-mailed or drop at the regional office of the bank and if consumer is still unsatisfied appellate authority is also available for Redressal of grievances. A deputy governor of RBI is vested with the jurisdiction of appellate authority. The remedy also lies with the consumers Protection act 1986 for redressal of a deficency.