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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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Trial Balance and Some Errors (Summary)

1. A trial balance is a statement showing debit and credit balances taken from ledger including cash and bank balances as are particular date.

2. The main purpose of trial balances is to find out the arithmetical accuracy of the entries made in the books of account.

3. An error of omission occurs when a transaction is completely or partially omitted from being recorded in the books of account.

4. When two or more errors are committed in such a manner that they nullify the wrong effect of each other they are called compensating error.

5. Errors of principal occur when accounting principal is not observed.

6. One side errors, located before preparing the trial balance, can be rectified by making a correction entry on the relevant side of the account.

7. One side error, located after preparation of the trial balance but by preparing the final account can be rectified through the suspense account.

8. One side error, affecting nominal accounts that are detected after the preparation of the final accounts, are adjusted through the profit and loss adjustment account instead of nominal account.

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