Banking Ombudsman Scheme:
- It is appointed by RBI to resolve the complaints of the customers related to banking issues & transactional failures.
- It is introduced under section 35A of banking regulation act 1949 by RBI with effect from 1995.
- According to this any customer can file a complaint before the banking ombudsman scheme. If the reply is not received from the bank within a period of one month.
- Banking Ombudsman is a free service scheme for resolving customers complaints related to banking transactions up to Rs.10 lakhs.
KYC (Know Your Customer):
It was introduced by RBI for all banks KYC day is celebrated on first working day of august every year.