Role of RBI in Operation of the Banking Ombudsman Scheme (BOS) and Analysis of Cost Incurred for BOS

Mr. Bhausaheb Nanasaheb Shinde, Dr. S. A. Band

Abstract


Reserve bank of India started banking ombudsman scheme on 14th June, 1995 with the aim to provide quick and inexpensive forum for bank customer to solve the complaints related to deficiencies in banking services. From the inception of the scheme the required fund for smooth conduct of BOS operations share by participant banks up to 2005, But after 2005 the all expenses incurred to run the scheme fully borne by RBI.

            This research paper explored the facts related to the role of reserve bank of India in smooth conduct of the banking ombudsman scheme, analysis of cost incurred for operation of BOS and process of preparation of budget for BOS.


Keywords


RBI, Banking Ombudsman Scheme, Cost, Complaints, Customer etc.

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References


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www.rbi.org.in


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