How to lodge a complain towards your financial institution with ombudsman

The banking ombudsman rejects virtually half of the complaints it receives. Between 1 July 2019 and 30 June 2020, it obtained over 3 lakh complaints towards banks, however accepted solely 54% of those.

According to the Reserve Bank of India’s Annual Report on completely different ombudsman schemes, over 80% of complaints have been rejected on three grounds. Over 35% of rejected complaints weren’t represented correctly. About 27% of rejections occurred because the buyer approached the banking ombudsman earlier than resolving the difficulty with their respective banks. Over 21% of complaints have been these which the ombudsman had already handled.

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Other causes for rejection have been that complaints have been exterior the territorial jurisdiction of the ombudsman, or have been already pending earlier than the courtroom or have been referred to different regulatory our bodies, or have been time-barred.

There are some things that complainants ought to concentrate on to make sure that their ombudsman doesn’t reject their functions.

The ombudsman requires prospects to present an opportunity to the financial institution to resolve the difficulty first. Therefore, earlier than approaching the ombudsman, first attempt to resolve it along with your financial institution. If you don’t obtain a passable reply from the client care govt, write to the nodal officer.

Only in case your grievance stays unresolved method the ombudsman. It can also occur that you could be not get a reply instantly. Give the financial institution a month’s time to reply. Also, make sure that all of your communication with the financial institution is in writing.

RBI has laid down grounds on which a buyer can method the ombudsman. It’s a complete record. Your grievance should fall throughout the purview of the record of complaints lined by the ombudsman.

Complainants need to method the ombudsman inside 12 months of receiving a reply from the financial institution. If the financial institution has not replied, the client ought to method inside 13 months.

The ombudsman can even reject the grievance if the client had sought reduction elsewhere, together with courtroom, tribunal or arbitrator or discussion board.

Don’t method the banking ombudsman for a third-party product. For instance, if a financial institution consultant sells you a medical insurance coverage and you’re sad with the coverage, you need to method the insurance coverage ombudsman.

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