Banking Ombudsman is judicial authority of Banking scheme
It was introduced in 2006 Jan01
Under Banking Regulation Act 1949
The Banking Ombudsman is a senior official appointed by the Reserve Bank of India to redress customer complaints.
All Scheduled Commercial Banks, Regional Rural Banks and Scheduled Primary Co-operative Banks are covered under the Scheme.
It is possible to file a complaint with the Banking Ombudsman simply by writing on a plain paper. One can also file it online by sending an email to the Banking Ombudsman. Banking Ombudsman can order the Bank to compensate the actual money loss OR Rs.10 lakh (whichever is lower). In case of Credit card related cases, the Ombudsman can order the bank to pay additional fines (upto Rs.1 lakh) for the mental harassment caused to the customer.
Last step is solve by Deputy Governor
One can file a complaint before the Banking Ombudsman if the reply is not received from the bank within a period of one month after the bank concerned has received one s representation, or the bank rejects the complaint, or if the complainant is not satisfied with the reply given by the bank.