Banking ombudsman gives brief about new schemes for providing ADRM to customers

Banking Ombudsman P Shimrah has recently convened a meeting to brief the Circle Heads, Nodal Officers and Branch Heads of banks about the Ombudsman schemes.

Shimrah 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.

He explained why RBI should engage in consumer protection. He stressed that 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 stated, adding, the turnaround time of redressing complaints under his jurisdiction is about 20 days.