Performance evaluation of banking ombudsman scheme

Over a period of time, the number of complaints against banks with regard to deficiency of their services has been increasing in spite of several efforts taken by the banks on the advice of the Reserve Bank of India. Since the role of banks has changed from ‘Class Bank’ to ‘Mass Bank’, there is a tremendous pressure on the part of banks to satisfy the various needs of the customers. Customer service has assumed a special significance as the banks are determined to achieve social purpose, besides aiming at profit. In this backdrop, an attempt has been made to analyze the performance of Banking Ombudsman Scheme. The purpose of this paper is threefold: Firstly, to trace the historical perspective of Banking Ombudsman Scheme. Secondly, to highlight the functional aspect of Banking Ombudsman Scheme and finally, to bring forth the performance of Banking Ombudsman Scheme in terms of quantum of complaints handled and time taken for redressal.