29-05-14 TUESDAY What is the difference between the Banking - TopicsExpress

29-05-14 TUESDAY What is the difference between the Banking Ombudsman and the Banking Codes and Standard Board of India? The Banking Ombudsman is a redressal mechanism to attend to disputes between banks and its customer as also to attend to individual complaints relating to deficiencies in banking services. On the other hand, the BCSBI (Board) is an industry watch dog to oversee compliance with the Code of Banks Commitment to Customers. It is not a redressal mechanism and will look into an individual complaint only to the extent it points to any systemic failure in compliance with Code.

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