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Banks with More Than 10 Branches Must Have Internal Ombudsman: RBI’s Order
September 20, 2018
The Central Bank RBI has directed all the scheduled commercial banks that have 10+ branches to appoint an Internal Ombudsman (IO). However, the rule doesn’t apply to the regional rural banks (RRBs).
RBI said that the IOs are expected to look into customer complaints against the banks in case the banks reject the complaints against them.
RBI had introduced the IO scheme to improve the internal grievance system of banks. The scheme covers procedural guidelines and the roles and responsibilities of the IOs.
Photo credit: markhillary on Visual hunt / CC BY
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