Bank Ombudsman in India as dispute redressal mechanism and its effectiveness
Abstract
This paper analyses the role of the banks Ombudsman in India and tries to evaluate the effectiveness of the Banks imbudsman as a banking dispute Redressal body. The paper also focuses on the fuunctions and role of bank ombudsman for as an arbitrator to address the grievances of Indian banking Customers and how do they make the balance between banks & customers. In current competitive banking scenario most of Indian banks are more inclined towards the banking business & profits, which cause the ignorance of banking norms by the Indian banks & responsible for banking grievances. The capacity of the banking industry to attain the socio-economic objectives and in the procedure bringing more and more customers into its fold will eventually depend on the satisfaction and connectivity of the customers. Banks have a strong belief that a happy customer is the primary factor in developing their business. This has encouraged the improvements in the banking system. Now banks are taking the guidelines of and instructions of RBI and the ombudsmans.
Authors
Dr Devendra Singh, Dr Gaurav Aggarwal