How to lodge a complain against your bank with ombudsman

  • The ombudsman requires customers to give a chance to the bank to resolve the issue first. Therefore, before approaching the ombudsman, first try to resolve it with your bank

Tinesh Bhasin
First Published18 Mar 2021, 04:16 PM IST
Complainants have to approach the ombudsman within 12 months of receiving a reply from the bank.. Photo: Bloomberg
Complainants have to approach the ombudsman within 12 months of receiving a reply from the bank.. Photo: Bloomberg

The banking ombudsman rejects almost half of the complaints it receives. Between 1 July 2019 and 30 June 2020, it received over 3 lakh complaints against banks, but accepted only 54% of these.

According to the Reserve Bank of India’s Annual Report on different ombudsman schemes, over 80% of complaints were rejected on three grounds. Over 35% of rejected complaints were not represented properly. About 27% of rejections happened as the customer approached the banking ombudsman before resolving the issue with their respective banks. Over 21% of complaints were those which the ombudsman had already dealt with.

Also Read | Why India needs to look east at Taiwan

Other reasons for rejection were that complaints were outside the territorial jurisdiction of the ombudsman, or were already pending before the court or were referred to other regulatory bodies, or were time-barred.

There are a few things that complainants should be aware of to ensure that their ombudsman doesn’t reject their applications.

The ombudsman requires customers to give a chance to the bank to resolve the issue first. Therefore, before approaching the ombudsman, first try to resolve it with your bank. If you don’t receive a satisfactory answer from the customer care executive, write to the nodal officer.

Only if your complaint remains unresolved approach the ombudsman. It may also happen that you may not get a reply immediately. Give the bank a month’s time to respond. Also, ensure that all your communication with the bank is in writing.

RBI has laid down grounds on which a customer can approach the ombudsman. It’s a comprehensive list. Your complaint must fall within the purview of the list of complaints covered by the ombudsman.

Complainants have to approach the ombudsman within 12 months of receiving a reply from the bank. If the bank has not replied, the customer should approach within 13 months.

The ombudsman will also reject the complaint if the customer had sought relief elsewhere, including court, tribunal or arbitrator or forum.

Don’t approach the banking ombudsman for a third-party product. For example, if a bank representative sells you a health insurance policy and you are unhappy with the policy, you should approach the insurance ombudsman.

Do you have a personal finance query? Send them to mintmoney@livemint.com and get them answered by industry experts.

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.MoreLess
First Published:18 Mar 2021, 04:16 PM IST
HomeMoneyPersonal FinanceHow to lodge a complain against your bank with ombudsman

Most Active Stocks

Tata Steel

168.00
03:59 PM | 10 JUL 2024
-3.8 (-2.21%)

Indian Oil Corporation

171.95
03:59 PM | 10 JUL 2024
0.25 (0.15%)

Bharat Electronics

333.70
03:58 PM | 10 JUL 2024
-0.85 (-0.25%)

Ashok Leyland

225.95
03:52 PM | 10 JUL 2024
-2.4 (-1.05%)
More Active Stocks

Market Snapshot

  • Top Gainers
  • Top Losers
  • 52 Week High

Capri Global Capital

225.65
03:49 PM | 10 JUL 2024
11.15 (5.2%)

Vardhaman Textiles

532.60
03:47 PM | 10 JUL 2024
26 (5.13%)

India Cements

295.50
03:29 PM | 10 JUL 2024
13.85 (4.92%)

NLC India

276.40
03:59 PM | 10 JUL 2024
12.9 (4.9%)
More from Top Gainers

Recommended For You

    More Recommendations

    Gold Prices

    • 24K
    • 22K

    Fuel Price

    • Petrol
    • Diesel
    OPEN IN APP
    HomeMarketsCibilPremiumMint Shorts