Feature Post

UFBU Calls Off Nationwide Bank Strike on 24th and 25th Mar 2025 After Assurances from Finance Ministry and IBA

I n a significant development on March 21, 2025, the United Forum of Bank Unions (UFBU) has decided to call off their two-day nationwide strike, which was originally planned for March 24 and 25. This decision was made after the UFBU received positive reassurances from both the Finance Ministry and the Indian Banks’ Association (IBA) regarding their key demands. The banking unions, under the umbrella body of UFBU, represent employees from nine major unions across the country, including AIBEA, AIBOC, NCBE, AIBOA, and BEFI. The unions had earlier called for the nationwide strike to protest against several ongoing issues that they believe impact the welfare and job security of bank employees. Key Issues Behind the Proposed Strike The strike was initially called by UFBU to address a range of pressing concerns, some of which have been lingering for years. The union's main demands included: Five-Day Workweek for Bank Employees:  One of the most anticipated demands was the implementation o...
0

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 a Complaint:

Visit the Banking Ombudsman’s website or RBI’s Complaint Management System (CMS).

File the complaint online, by email, or by post to the relevant Banking Ombudsman office.

The Banking Ombudsman examines the complaint and seeks to resolve it through mutual agreement between the bank and the customer.

If no settlement is reached, the Ombudsman passes an award, which is binding on the bank but optional for the customer.

If dissatisfied with the Ombudsman’s decision, the customer can appeal to the Appellate Authority within 30 days of the decision.


What is the role of Banking Ombudsman 

The role of the Banking Ombudsman is to act as an independent and impartial authority to resolve complaints from customers regarding deficiencies in banking services. This role ensures that banks adhere to fair practices, and customers get a platform to address their grievances without incurring legal costs or going through lengthy procedures.

Ombudsman ensures that banks comply with the Fair Practices Code and follow regulatory norms set by the RBI. It promotes transparency in bank-customer relationships.

It Offers a quick, cost-free alternative to legal proceedings for resolving disputes between banks and customers.

Seeks amicable settlements between the customer and the bank. Passes a decision if no mutual agreement is reached, ensuring fairness.

It educates the public about their rights and responsibilities as banking customers. Encourages consumers to resolve issues with their banks before escalating to the ombudsman.

Ombudsman Submits annual reports to the Reserve Bank of India, highlighting trends in customer grievances and suggesting improvements in banking practices. By addressing grievances effectively, the Banking Ombudsman fosters trust between banks and their customers while promoting accountability within the banking system.


Comments

Post a Comment