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Banking Obudsman Scheme and KYC


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.