Updated By: LatestGKGS Desk
Bank: Banking Ombudsman in the UK in 1986 History, Features
Bank: The word Ombudsman was first introduced in Sweden, Important points about the boss, and first introduced in the UK (1986)
There is a contract between Bank and customs as it flows when A as a person goes with the problem to the bank and if it is not solved within 30days.
he will go to BOSS and if then also it is not solved within 30 days then he can go to Deputy governor who will give his decision within 15days.
This scheme came into effect from 15 June 1995 and revised on 2002,2007,2008 and 1 July 2017.
The scheme provides an opportunity for the public to approach Banking ombudsman for problem against a bank is not resolved within a period of
30 days or 1 month.
The scheme covers all schedule Bank
Presently there is 20 BOSS in India till Nov 2017.
Important points about boss are -
The boss does not change any fees.
BOSS comes under section 35A of banking regulation act 1949 by RBI.
In 1995 there were 11grounds of complaint but today it is 27grounds of complaint.
If one is not satisfied with Boss can go to Deputy Governor
The decision of the BOSS is called Award.
The Boss may deal maximum 20lakh of problems
The Boss may award compensation not exceeding 20lakh.
