Deficiency in some of the banking services is redressed by the Banking Ombudsman who is a senior official appointed by the Reserve Bank of India. The scheme called the Banking Ombudsman Scheme provides an inexpensive platform to banking customers for speedy resolution of grievances against some of the banking services. All Scheduled Commercial Banks, Regional Rural Banks and Scheduled Primary Co-operative Banks form the part of the Banking Ombudsman Scheme, 2006.

Other than general banking services, complaint against following grounds of deficiency in service with respect to loans and advances can be lodged with the Banking Ombudsman

- In case the banking entity does not conforms to the Reserve Bank of India (RBI) directives on interest rates.

- Delays in respect of sanction or disbursal or non-compliance with the set time limit for processing the loan application.

- If the bank does not adheres to the provisions of the fair practices code for lenders as adopted by the bank or Code of Bank's Commitment to Customers, as the case may be.

- In the case when bank rejects loan application of the applicant without providing valid reasons.

- Non-compliance with any other instruction or directive of the RBI as may be issued by the institution for the purpose from time to time.

-The Banking Ombudsman may also consider other cases that may be specified by the RBI from time to time.

Information courtesy: Reserve Bank of India