Excelsior Correspondent
SAMBA, Mar 10: Banking Ombudsman P Shimrah today convened a meeting at Town Hall Bari Brahmana to brief the Circle Heads, Nodal Officers and Branch Heads of banks about the Ombudsman schemes.
He emphasized that the schemes have been formulated for providing an Alternate Dispute Redressal Mechanism (ADRM) to the customers for the redressal of their complaints in cost free, expeditious and fair manner.
Shimrah explained why RBI should engage in consumer protection. He said under the G20 High Level Principles on Financial Consumer Protection, it is the responsibility of RBI to ensure protection of consumer assets against frauds and misuse, and ensure that consumers have access to adequate complaints handling and redress mechanism that are affordable, independent, fair, accountable, timely and efficient.
“The public awareness campaigns through print and electronic media by Central Office of RBI and awareness programmes and Town Hall meetings conducted by Office of Banking Ombudsman coupled with the launching of Complaint Management System (CMS) package are showing positive results,” he said, adding, the turnaround time (TAT) of redressing complaints under his jurisdiction is about 20 days.
He also spoke about three significant developments in the banking sector viz. growing challenges arising from adoption of technology, addition of new customers in the formal banking structure arising from the financial inclusion efforts and emergence of new entities like payment banks, small finance banks, payment service providers, market place financing and particularly non-bank entities who are doing banking business. He also apprised the participants about the new developments like ‘One nation one Ombudsman’ and Integration of the three Ombudsman schemes.
The Secretary to Ombudsman H S Verma made a power point presentation on Safe Digital Banking, Cyber Frauds and Complaint Management System.
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