CRITICAL ANATOMIZATION OF THE BANKING OMBUDSMAN SCHEME WITH COMPARATIVE ANALYSIS TO BANKING CODES AND STANDARDS

Best Citation – Nidhi Nande, CRITICAL ANATOMIZATION OF THE BANKING OMBUDSMAN SCHEME WITH COMPARATIVE ANALYSIS TO BANKING CODES AND STANDARDS, 2 IJLR 1 (2021)

ABSTRACT

In the contemporary banking sector, excellence in customer care services is the most crucial tool for growth and development. In order to utilize this opportunity, the banking ombudsman scheme was introduced by the Reserve Bank of India to resolve the customer’s grievances. To further protect the interests of the customers, Banking Codes and Standards Board of India was setup as an autonomous body to formulate standard codes and guidelines for the banks to provide fairness in the customer services. Irrespective of all these efforts, there are still certain prevailing conditions which cause improper, unfair and delayed redressal to the consumer’s complaints. The paper analyzes the two mechanisms in detail along with criticizing both to improve their implementations. It also focuses on comparatively analysing both the concepts to reach a fair view. The paper also includes special emphasis on case study of Axis bank for the implementation of the scheme. The paper concludes by indentifying the shortcomings and providing necessary recommendations.

KEYWORDS- Banking Ombudsman Scheme, Banking Codes and Standards Board of India, Axis Bank, Awareness, Comparison