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BANKING OMBUDSMAN AND ITS ROLE

  The Banking Ombudsman is an authority created by the Reserve Bank of India (RBI) to address customer grievances regarding banking services. It provides a cost-free, quick, and impartial resolution process for complaints against banks.  Customers can file complaints if they are dissatisfied with the services of a bank or have not received a satisfactory response from the bank within 30 days of lodging a complaint. Complaints given to Ombudsman Cover  -  Non-payment or delay in payment of cheques, drafts, or bills. Issues related to loans or advances. Non-adherence to fair practices code. Unauthorized debits or service charges. Complaints regarding internet banking or mobile banking. Delay in providing banking services. Unauthorized ATM withdrawals. Wrongful Charges. Ombudsman cannot accept complaints those are  handled by a court, tribunal, or arbitrator. Cases older than one year from the cause of action also do not entertained by Ombudsman.  How to File ...
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FATF, Wolfs berg Principles and APG

FATF - Financial Action Task Force - It was established by G-7 summit in 1989 consisting of G-7 member states to combat money laundering. The FATF currently comprises 34 member jurisdictions and 2 regional organizations.

Wolfs berg Principles
The Wolfs berg Group is an association of thirteen global banks which aims to develop frameworks and guidance for the management of financial crime risks, particularly with respect to Know Your Customer, Anti-Money Laundering and Counter Terrorist Financing policies. These principles are considered as most acceptable standards in this area by most of the major international regulators and institutions.

APG – Asia Pacific Group on Money Laundering - The Asia/Pacific Group on Money Laundering (APG) is an autonomous and collaborative international organization founded in 1997 in Bangkok, Thailand consisting of 41 members and a number of international and regional observers. It is constituted to facilitate the adoption, implementation and enforcement of internationally accepted standards like FATF. The APG has five primary functions:
i)      Mutual evaluations:   
ii)     Technical assistance and training:
iii)    Typologies research
iv)   Global policy development

v)    Private sector engagement

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