Banking Ombudsman definition

Banking Ombudsman means any person appointed under Clause 4 of the Scheme
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Banking Ombudsman means any person appointed under Clause 4 of the Scheme. (4) ‘ bank’ means a banking company and includes a ‘corresponding new bank’, ‘Regional Rural Bank’, ‘State Bank of India’, ‘Subsidiary Bank’ as defined in Part I of the Banking Regulation Act, 1949 (Act 10 of 1949) and also includes a ‘Scheduled Primary Co- operative Bank’ as included in the Second Schedule of the Reserve Bank of India Act, 1934 (Act 2 of 1934), having a place of business in India whether such bank is incorporated in India or outside India. (5) ‘claim’ will have the same meaning as is provided in Chapter V of the Scheme. (6) ‘complaint’ means a representation in writing containing a grievance alleging deficiency in banking service as mentioned in clause 12 of the Scheme. (7) ‘Review Authority’ is the Deputy Governor in charge of Rural Planning and Credit Department of the Reserve Bank, who shall review the award of a Banking Ombudsman subject to satisfaction of the issues raised before him and shall also be responsible for implementing such Award as per the Scheme. (8) ‘Reserve Bank’ means the Reserve Bank of India constituted under Section 3 of the Reserve Bank of India Act, 1934 (2 of 1934). (9) ‘the scheme’ means the Banking Ombudsman Scheme, 2002. (10) ‘secretariat’ means the office constituted as per sub-clause (1) of clause 9 of the Scheme. (11) ‘settlement’ means an agreement reached by the parties either by conciliation or mediation by the Banking Ombudsman under clause 15 of the Scheme. CHAPTER II Establishment Of Office Of Banking Ombudsman Appointment and Tenure.-(1) The Reserve Bank may on the recommendation of a Selection Committee of four persons constituted by its Governor appoint one or more persons to be known as Banking Ombudsman to carry out the functions entrusted to him by or under the Scheme. (2) The Committee referred to in sub-clause (1) of this Clause shall consist of; (a) all the three Deputy Governors of the Reserve Bank; and (b) the Additional Secretary (Financial Sector), Department of Economic Affairs as a Special Invitee. (3) The minimum age of the person to be considered by the said Committee for appointment, as Banking Ombudsman shall be 55 years.
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Examples of Banking Ombudsman in a sentence

  • Name and contact details of the Banking Ombudsman under whose jurisdiction the branch falls.

  • The Nodal Officer so appointed shall be responsible for representing the bank and furnishing information to the Banking Ombudsman in respect of complaints filed against the bank.

  • The appointment of Banking Ombudsman under the above Clause may be made for a period not exceeding three years at a time.

  • The Reserve Bank shall specify the territorial limits to which the authority of each Banking Ombudsman appointed under Clause 4 of the Scheme shall extend.

  • For the purpose of carrying out his duties under this Scheme, a Banking Ombudsman may require the bank against whom the complaint is made or any other bank concerned with the complaint to provide any information or furnish certified copies of any document relating to the complaint which is or is alleged to be in its possession.

  • Provided that in the event of the failure of a bank to comply with the requisition without sufficient cause, the Banking Ombudsman may, if he deems fit, draw the inference that the information if provided or copies if furnished would be unfavourable to the bank.

  • LOCATION OF OFFICE AND TEMPORARY HEADQUARTERS (1) The office of the Banking Ombudsman shall be located at such places as may be specified by the Reserve Bank.

  • SECRETARIAT (1) The Reserve Bank shall depute such number of its officers or other staff to the office of the Banking Ombudsman as is considered necessary to function as the secretariat of the Banking Ombudsman.

  • The proceedings before the Banking Ombudsman shall be summary in nature.

  • The Banking Ombudsman Scheme, 2006, the Ombudsman Scheme for Non- Banking Financial Companies, 2018, and the Ombudsman Scheme for Digital Transactions, 2019, hereby stand repealed.

Related to Banking Ombudsman

  • Mobile Banking Service means the EB Services which we enable you to access via the Mobile Banking App or a web browser designed for use on a Mobile Device; and

  • Ombud ’ means each of the following:

  • Mobile Banking means the banking services accessible from the Device you have registered with us for Mobile Banking.

  • Ombudsperson means the Ombudsperson of British Columbia;

  • Relevant Banking Day means a day on which commercial banks are open for business (including dealings in foreign exchange and foreign currency deposits) in the place where the specified office of the Registrar is located and, in the case only of an exchange of a Bearer Note for a Registered Note where such request for exchange is made to the Principal Paying Agent, in the place where the specified office of the Principal Paying Agent is located;

  • Applicable Banking Regulations means at any time the laws, regulations, requirements, guidelines and policies relating to capital adequacy, resolution and/or solvency including, among others, those giving effect to the MREL and the TLAC or any equivalent or successor principles, then applicable to Banco Santander and/or the Group including, without limitation to the generality of the foregoing, the CRD IV, the BRRD, the SRM Regulation and those regulations, requirements, guidelines and policies relating to capital adequacy, resolution and/or solvency of the Regulator and/or the Relevant Resolution Authority then applicable to Banco Santander and/or the Group including, among others, those giving effect to the MREL and the TLAC or any equivalent or successor principles, in each case to the extent then in effect in the Kingdom of Spain (whether or not such regulations, requirements, guidelines or policies have the force of law and whether or not they are applied generally or specifically to Banco Santander and/or the Group).