PM Modi to launch two innovative schemes
customer centric initiatives of Reserve Bank of India tomorrow. This is the headline of our news arena for today say All India Radio or other broadcasters concerned. it has to make headline into news our dear prime minister shri modi ji going to announce these schemes for the betterment of common people in india. As far as the schemes concrened these are purely banking amendements which are already their in the past. Dear PM is just trying to make these two schemes in limelight or in broader sense make available for the last man of india. Out of these two schemes one scheme is named Integrated Ombudsman Scheme. Actually Ombudsman scheme is already their in the banking system of india from long. but it is just enhancing facilities now for the betterment of indian society and moreover for the common people.
Now lets talk about the word which is making the headlines in indian news arena with the tag line" Reserve Bank-Integrated Ombudsman Scheme (RB-IOS)". what is it? and why is it for and whom is it for, who is ombudsman and what is his work. all questions related to it i will answer today here and provide information about its work and what he does. lets start,What is Ombudsman?---------
An ombudsman is an official, usually appointed by the government, who investigates complaints (usually lodged by private citizens) against businesses, financial institutions, universities, government departments, or other public entities, and attempts to resolve the conflicts or concerns raised, either by mediation or by making recommendations. so you must have got your answer till now about who is ambudsman and why he is their. so moving on to the second question is
what about Banking Ombudsman what he is and what he does lets find out -------
The role and importance of banks for everyone has increased manifold.
The banks are, today, not accepting only deposits from public rather they are providing various types of services. In this process, the arising of disputes between banks and their customers are natural.
The banking law has already a well-established system to resolve the issues which has arisen between banks and customers. At the same time, one more redressal mechanism is provided for having an expeditious, efficient and inexpensive forum for the settlement of disputes pertaining to deficient banking services.
In this respect, the Banking Ombudsman Scheme has been introduced by RBI which provides a key mechanism for consumers to seek redressal against banks. The institution of Banking Ombudsman is new for India which is a next institution for banking customers in addition to earlier available institutions like courts, forums for redressal of their grievance.
The Scheme came into force on January 1,2006. This scheme has been introduced for quick and inexpensive resolution of complaints submitted by the customers against the banks. Broadly, This scheme has following objectives--------
- To enable resolution of complaints relating to certain services rendered by banks and
- To facilitate the satisfaction or settlement of such complaints
Banking Ombudsman Scheme, 2006 has been introduced with the object of enabling resolution of complaints relating to certain services rendered by banks and to facilitate the satisfaction or settlement of complaints.
Next is how many types of Ombudsman is there?
ypes of Ombudsmen 1 Industry Ombudsman. An industry ombudsman, such as a telecommunications or insurance ombudsman, may deal with consumer complaints about unfair treatment the consumer received from a company that operates within that ... 2 Organizational Ombudsman. ... 3 Classical Ombudsman. ... 4 Advocate Ombudsman. ... 5 Media Ombudsman. ...
How to become Ombudsman or whom to make as it?
Organizations might also turn to an independent ombudsman who contracts his or her services. Formal training is invaluable in preparing for an ombudsman role. IOA offers a series of professional training courses that include skills training as well as practical instruction in establishing and maintaining an ombudsman office.
Lastly lets talk about the integrated ombudsman scheme whom our PM Modi ji is going to announce tommorow.
Integrated Ombudsman Scheme Financial consumer protection has gained significant policy priority across jurisdictions. In line with the global initiatives on consumer protection, RBI has taken various initiatives to strengthen Grievance Redress Mechanism of regulated entities. As an alternate dispute resolution mechanism, three Ombudsman schemes, i.e. (i) Banking Ombudsman Scheme (ii) Ombudsman Scheme for Non-Banking Financial Companies and (iii) Ombudsman Scheme for Digital Transactions are in operation from 22 ombudsman offices of RBI located across the country. RBI had operationalised complaint management system (CMS) portal as one stop solution for alternate dispute resolution of customer complaints not resolved satisfactorily by the regulated entities. To make the alternate dispute redress mechanism simpler and more responsive to the customers of regulated entities, it has been decided to implement, inter alia, integration of the three Ombudsman schemes and adoption of the ‘One Nation One Ombudsman’ approach for grievance redressal. This is intended to make the process of redress of grievances easier by enabling the customers of the banks, NBFCs and non-bank issuers of PPIs to register their complaints under the integrated scheme, with one centralised reference point.
All in all if we say this scheme will only help for the betterment of the indian society and its people and it will have long lasting drastic effect on our financial sector is concerned. it will make our banking institution more answerable to the customer satisfaction then to tell come tommorow server is not working etc.
ok good bye for now hope to meet you soon with the new topic here on this platform.
jai hind jai bharat....
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