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. (5) “bank” means a “banking company”, a “corresponding new bank”, a “Regional Rural Bank”, “State Bank of India” a “Subsidiary Bank” as defined in section 5 of the Banking Regulation Act, 1949 (Act 10 of 1949), or a “Primary Co-operative Bank” as defined in clause (c) of section 56 of that Act and 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. (6) “complaint” means a representation in writing or through electronic means containing a grievance alleging deficiency in banking service as mentioned in clause 8 of the Scheme. (7) “Reserve Bank” means the Reserve Bank of India constituted by Section 3 of the Reserve Bank of India Act, 1934 (2 of 1934). (8) “the Scheme” means the Banking Ombudsman Scheme, 2006. (9) “Secretariat” means the office constituted as per sub-clause (1) of clause 6 of the Scheme. (10) “settlement” means an agreement reached by the parties either by conciliation or mediation under clause 11 of the Scheme. CHAPTER II Establishment Of Office Of Banking Ombudsman Appointment and tenure.—(1) The Reserve Bank may appoint one or more of its officers in the rank of Chief General Manager or General Manager to be known as Banking Ombudsmen to carry out the functions entrusted to them by or under the Scheme. (2) The appointment of Banking Ombudsman under the above Clause may be made for a period not exceeding three years at a time. 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. (2) In order to expedite disposal of complaints, the Banking Ombudsman may hold sittings at such places within his area of jurisdiction as may be considered necessary and proper by him in respect of a complaint or reference before him. 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. (2) The cost of the Secretariat shall be borne by the Reserve Bank. CHAPTER III Jurisdiction, Powers And Duties Of Banking Ombudsman Powers and jurisdiction.—(1) 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. (2) The Banking ...
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Examples of Banking Ombudsman in a sentence

  • In case the Banking Ombudsman passes an award and we do not have any ground to appeal against the award, we will comply with the Award within 30 days from the date of receipt of the acceptance in writing of the Award by the complainant.

  • We will display at our branch the name and contact details of the Banking Ombudsman under whose jurisdiction the branch falls.

  • Similar information may be displayed in the boards put up in all the bank branches to indicate the name and address of the Banking Ombudsman.

  • APPLICATION OF THE BANKING OMBUDSMAN SCHEMES, 1995 AND 2002 The adjudication of pending complaints and execution of the Awards already passed, before coming into force of the Banking Ombudsman Scheme, 2006, shall continue to be governed by the provisions of the respective Banking Ombudsman Schemes and instructions of the Reserve Bank issued thereunder.

  • The Scheme of Banking Ombudsman was introduced with the object of enabling resolution of complaints relating to provision of banking services and resolving disputes between a bank and its constituent through the process of conciliation, mediation and arbitration in respect of deficiencies in customer service.

  • The complaint form should also indicate that the first point for redressal of complaints is the bank itself and that complainants may approach the Banking Ombudsman only if the complaint is not resolved at the bank level within a month.

  • We will display at our branches the name and contact details of the Banking Ombudsman under whose jurisdiction the branch falls.

  • Complaints relating to breach of the Mortgage Code were dealt with by the relevant scheme, such as the Banking Ombudsman Scheme or the Mortgage Code Arbitration Scheme.

  • Further, a suggestion has been received that unimplemented awards of the Banking Ombudsman should also be disclosed along with financial results.

  • The Banking Ombudsman Scheme is introduced under Section 35 A of the Banking Regulation Act, 1949 by RBI with effect from 1995.

Related to Banking Ombudsman

  • International banking institution means an international financial institution of which the United States is a member and whose securities are exempt from registration under the Securities Act of 1933.

  • Ombudsman means the Company Ombudsman of AllianceBernstein, or any of his/her staff members.

  • 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

  • Zurich Banking Day means a day on which banks are open in the City of Zurich for the settlement of payments and of foreign exchange transactions.

  • banking institution means a bank, bank and trust company, trust company, savings bank, private bank, or a national banking association, organized and doing business under the provisions of any law of this state, or of any other state of the United States, or under the provisions of any law of the United States of America.

  • New York Banking Day means any day except a Saturday, Sunday or a legal holiday in The City of New York or a day on which banking institutions in The City of New York are authorized or obligated by law, regulation or executive order to be closed.

  • Ombud ’ means each of the following:

  • Municipal Finance Management Act means the Local Government: Municipal Finance Management Act, 2003 (Act No. 56 of 2003);

  • Local Banking Day means a day (other than a Saturday or Sunday) on which commercial banks are open for general business (including dealings in foreign exchange and foreign currency deposits) in the place of presentation of the relevant Covered Bond or, as the case may be, Coupon; and

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

  • RFR Banking Day means any day specified as such in the Reference Rate Terms.

  • Federal banking agency means the Board of Governors of the Federal Reserve System, the Comptroller of the Currency, the Director of the Office of Thrift Supervision, the National Credit Union Administration and the Federal Deposit Insurance Corporation;

  • Federal banking agencies means the Board of Governors of the Federal Reserve System, the Comptroller of the Currency, the Director of the Office of Thrift Supervision, the National Credit Union Administration, and the Federal Deposit Insurance Corporation.

  • Internet Banking means the service we offer by which you can access and transact on a nominated account by using a personal computer and accessing via our website. This includes transactions processed through the mobile banking facility as well as the smartphone app facility.

  • Public Finance Management Act ’ means the Public Finance Management Act, 1999 (Act No. 1 of 1999);

  • Banking Act means the UK Banking Act 2009, as amended.

  • Banking office means a principal office or authorized branch of a bank, out-of-state bank, national bank, association, or savings bank.

  • International Financial Institution means any bank in the top 1,000 (together with their affiliated companies) as measured by "Tier 1" capital or any broker/dealer in the top 100 as measured by capital.

  • Portfolio Supervisor means First Trust Advisors L.P. and its successors in interest, or any successor portfolio supervisor appointed as hereinafter provided." Section 1.01 (26) shall be added to read as follows:

  • banking group means the New Zealand business of the registered bank and its subsidiaries as required to be reported in group financial statements for the group’s New Zealand business under section 461B(2) of the Financial Markets Conduct Act 2013.

  • Client Bank Account means an account held in the name of the Client with a Bank and/or other institution and/or any electronic payment provider and/or a credit card processor; and/or an account held in the name of the Company on behalf of the Client with a Bank and/or other institution and/or any electronic payment provider and/or a credit card processor.

  • Ombudsperson means the Ombudsperson of British Columbia;

  • Digital Banking (a) means our present and future online banking services which can be accessed through 365 Online, Business Online, Bank of Ireland Mobile Banking, and services available on www.bankofireland.com; and

  • 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;

  • EEA national means a national of one of the following countries:

  • the London Emergencies Trust means the company of that name (number 09928465) incorporated on 23rd December 2015 and the registered charity of that name (number 1172307) established on 28th March 2017;