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According to Banking Ombudsman Scheme, a free and independent dispute resolution service, scammers try to trick customers into giving out personal information such as bank account numbers, passwords and credit card numbers.
Under the Banking Ombudsman Scheme, if a customer does not receive any reply within a period of one month after representation of the receipt by the bank, or is not satisfied with the reply given, he can file a complaint before the Ombudsman.
The Banking Ombudsman Scheme will now cover the sale of insurance, mutual fund or other third party investment products by banks.
RBI introduced the Banking Ombudsman Scheme in 1995.
He traces the development of the banking sector before and after nationalization, the eventual liberalization of banking services (including the development of online and telephone banking), payment and settlement systems, credit information services, changes in the sector's actors (such as mergers, acquisitions and failures), commercial banks in insurance businesses, the banking ombudsman scheme and new generations of banks, corporate governance.
The Reserve Bank of India (RBI) on 14th June 1995 introduced the Banking Ombudsman scheme as a mechanism of effective and economic grievance redressal for bank users.
The annual report of the Banking Ombudsman Scheme - which is being amalgamated with the new 'super-watchdog' Financial Services Authority - contains stinging criticism of some banks, especially over the sale of endowment mortgages.