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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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Rate Summary as per Policy Announcement on 9th Oct 2020



 1. Repo Rate - 

There is no change. Repo Rate is the fixed interest rate at which the RBI provides overnight liquidity to banks against the collateral of government and other approved securities under the Liquidity Adjustment Facility (LAF). Current Repo Rate is 4%.


2. Reverse Repo Rate - 

There is no change in Reverse Repo Rate too. The Reverse Repo Rate is the fixed interest rate at which the RBI absorbs liquidity, on an overnight basis, from banks against the collateral of eligible government securities under the Liquidity Adjustment Facility (LAF). Current Reverse Repo Rate is 3.35%.


3. Marginal Standing Facility (MSF) - 

There is no change in the Marginal Standing Facility (MSF) rate. The MSF or Marginal Standing Facility (MSF) Rate is the rate at which RBI lends funds overnight to scheduled banks against government securities. Current MSF Rate is 4.25%.


4. Bank Rate - 

There is no change in Bank Rate too. Bank rate is the rate at which the Reserve Bank of India (RBI) provides the loan to commercial banks without any security. Current Bank Rate is 4.25%

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