Banking Ombudsman Scheme

• It is introduced under section 35A of banking regulation act 1949.
• It came into effect from 1995.
• All Scheduled Commercial Banks, Regional Rural Banks and Scheduled Primary Co-operative Banks are covered under the Scheme(2006)
• As of now 15 banking ombudsman have appointed.
• Maximum compensation under ombudsman 10 lakhs.
• The banking ombudsman is a senior official appointed by RBI to address customer complaints.