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27
June 2017
The
Reserve Bank of India (RBI) said, its Banking Ombudsman Scheme would now
include, deficiencies arising out of sale of insurance, mutual fund or other
third party investment products by banks as well as complaints regarding mobile
banking and electronic banking service in the country. The Total Investment & Insurance Solutions
In
a notification, RBI says, "The pecuniary jurisdiction
of the Banking Ombudsman to pass an Award has been increased to Rs20 lakh from
existing Rs10 lakh. Compensation not exceeding rupees hundred thousand can also
be awarded by the Banking Ombudsman to the complainant for loss of time,
expenses incurred as also, harassment and mental anguish suffered by the
complainant." The Total Investment
& Insurance Solutions
RBI has
also revised procedure for complaints settled by agreement under the BO Scheme.
Another important change is a customer can now file an appeal for complaints
closed under Clause 13 (c) of the existing Scheme relating to rejection, which
was not available earlier.The Total
Investment & Insurance Solutions
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