What is RBI Obo?

This is reflected by consistently rising number of complaints being handled by the Offices of Banking Ombudsman (OBOs). The Scheme was updated to include grievances relating to mobile/electronic banking and mis-selling as grounds of complaint.

What is the maximum tenure for a Banking Ombudsman?

three years
The Banking Ombudsman will be appointed for a period not exceeding three years and be eligible for extension for a further period not exceeding two years subject to an overall age limit of 65 years. Consequent on appointment, the Banking Ombudsman shall devote his whole time to the affairs of his office.

What is the vision of Bo scheme?

To ensure grievance redressal of users of services provided by entities regulated by RBI in an inexpensive, expeditious and fair manner that provides impetus to improve customer services in the banking sector on a continuous basis.

What is the maximum compensation amount that a banking ombudsman can award?

₹ 1 lakh
The Banking Ombudsman may award compensation not exceeding ₹ 1 lakh (₹ One Hundred Thousand) to the complainant for mental agony and harassment.

Which banks are regulated by RBI?

Bank of Baroda.

Who is eligible to be Banking Ombudsman?

Any person who has a grievance against a bank relating to the banking services as enumerated under Clause 12 of the Scheme, may himself or through his authorised representative make a complaint to the Banking Ombudsman within whose jurisdiction the branch or office of the bank complained against is located.

What is CEPC RBI?

Consumer Education and Protection Cell ( CEPC) of RBI is more for protection of Banks and not Consumers.

Who Cannot file a complaint to banking ombudsman?

One can file a complaint before the Banking Ombudsman if the reply is not received from the bank within a period of one month after the bank concerned has received one’s complaint, or the bank rejects the complaint, or if the complainant is not satisfied with the reply given by the bank.