Consumer Protection in Banking Sector: With Special Reference to Ombudsman Scheme

Author(s)	Upender Sethi
Country	India
Abstract	Consumer protection act which takes care of consumer's rights. This act covers various sectors. One of these sectors is a banking sector. As per act in banking sector consumer is a person who avails or hires a service for consideration. So any person who owns an account in the bank or takes a service from bank becomes its customer and he can file a complaint for deficiency or regarding unfair practices by the banks. The bank is liable for deficiency in service for inordinate delays in providing banking services and the customer of the bank is entitled to claim compensation for the loss and the injury suffered by him due to the inordinate delay in the payment. This act provide for easy and fast redressal of the complaint of the customers. For fast redressal of the complaints RBI is running Ombudsman scheme under its governance which aims at protecting the consumer.
Keywords	Banking ombudsman, Consumer Redressal, Complaints
Field	Sociology > Banking / Finance
Published In	Volume 5, Issue 1, January-February 2023
Published On	2023-02-28
Cite This	Consumer Protection in Banking Sector: With Special Reference to Ombudsman Scheme - Upender Sethi - IJFMR Volume 5, Issue 1, January-February 2023. DOI 10.36948/ijfmr.2023.v05i01.1716
DOI	https://doi.org/10.36948/ijfmr.2023.v05i01.1716
Short DOI	https://doi.org/grwbhd

About IJFMR Fees & Payment Current Issue Publication Archive	Submit Research Paper Track Submission Status Publication Guidelines Publication Ethics Peer Review & Plagiarism	Join as a Reviewer Editors & Reviewers Reviewer Referral Program Get Reviewer Membership Certi.	Website/Journal Policies Usage Policy Content Policies Privacy Policy

Contact Us		+91-9898-5948-55	editor@ijfmr.com

International Journal For Multidisciplinary Research