The Reserve Bank of India (RBI) today placed on its website (www.rbi.org.in) the report of the Working Group to formulate a Scheme for ensuring Reasonableness of Bank Charges. Views/suggestions on the recommendations of the Working can be faxed to 022-22630482. The practice of Indian Banks' Association fixing the benchmark service charges on behalf of the member banks was discontinued in 1999 and the decision to prescribe service charges was left to the discretion of

The Reserve Bank of India today constituted a Working Group to formulate a scheme for ensuring reasonableness of bank charges and to incorporate them in the Fair Practices Code. The compliance of Fair Practices Code would be monitored by the Banking Codes and Standards Board of India. The members of the Working Group will be: 1. Shri N. Sadasivan, Banking Ombudsman, Mumbai – Chairman 2. Shri S. Diwakara, All India Depositors' Association 3. Shri H.N. Sinor, Chief Exec

The Reserve Bank of India today announced the revised Banking Ombudsman Scheme with enlarged scope to include customer complaints on certain new areas, such as, credit card complaints, deficiencies in providing the promised services even by banks' sales agents, levying service charges without prior notice to the customer and non adherence to the fair practices code as adopted by individual banks. Applicable to all commercial banks, regional rural banks and scheduled p

The Reserve Bank has today released a draft Banking Ombudsman Scheme 2002 (as amended upto June 2005) for public comments. The Reserve Bank has proposed to amend the Banking Ombudsman Scheme to widen its scope to reflect the present needs of the bank customers. With this in view, it has proposed to cover under the Banking Ombudsman Scheme the customer complaints relating to banks' credit card operations even when they are offered by their subsidiaries. The proposed am

The Reserve Bank of India today placed in its public domain the names, account numbers and MICR codes of branches, which are authorised to collect funds for the Prime Minister’s National Relief Fund (PMNRF), to enable people to contribute to this fund through electronic fund transfer (EFT) or special electronic fund transfer (SEFT). The Reserve Bank had earlier asked banks offering online remittance services to offer this facility free of charge for remitting donation

At a meeting of banks issuing credit cards held today, by the Reserve Bank of India in Mumbai, it was decided that the Indian Banks' Association along with some large credit cards issuing banks will evolve a code of conduct to be voluntarily adopted by the banks issuing credit cards. The meeting was held in the wake of significant concerns that had arisen of late in regard to credit card operations of banks. The Reserve Bank also stressed on the need for the card issu

The Reserve Bank of India in its endeavour to provide better customer service in the currency exchange area, has placed on its website www.rbi.org.in a draft Citizens' Charter (revised) in the matter of facilities made available to the public for exchange of notes and coins.The members of the public are requested to offer their suggestions/ comments for betterment of the Charter. The suggestions/comments may be forwarded by July 31, 2004, to the Chief General Manager,

The Reserve Bank of India has appointed Shri S. Gopalakrishnan as the Banking Ombudsman for the state of Tamil Nadu and the Union Territories of Pondicherry and Andaman and Nicobar Islands with effect from March 22, 2004. As Banking Ombudsman, Shri Gopalakrishnan will have his office at Kuralagam Building, (3rd Floor), Esplanade, N. S. C. Bose Road, Chennai-600 108.The Banking Ombudsman Scheme was introduced in June 1995 with a view to providing to the bank customers

The Reserve Bank of India has appointed Shri P. K. Sarkar as the Banking Ombudsman for the states of West Bengal and Sikkim with effect from January 16, 2004. As Banking Ombudsman, Shri Sarkar will have his office at Reserve Bank of India Building, 15 Netaji Subhas Road, Kolkata-700 001.The Banking Ombudsman Scheme was introduced in June 1995 with a view to providing to the bank customers quick and low-cost redressal of grievances relating to banking services. Its sco

The Reserve Bank of India has appointed Shri P. K. Brahma as the Banking Ombudsman for the state of Gujarat, Union Territories of Dadra and Nagar Haveli, Daman and Diu with effect from January 7, 2004. As Banking Ombudsman, Shri Brahma will have his office at La Gajjar Chambers, Ashram Road, Ahmedabad-380 009.The Banking Ombudsman Scheme was introduced in June 1995 with a view to providing to the bank customers quick and low-cost redressal of grievances relating to ba