The RBI had set up the Banking Ombudsman Scheme to act as a visible and credible dispute resolution agency for common persons utilizing banking services and to ensure redress of grievances of users of banking services in an inexpensive, expeditious and fair manner that provides impetus to improve customer services in the banking sector on a continuous basis.
4  BIS central bankers’ speeches  Some recent initiatives by the Reserve Bank 15. Let me now detail some recent initiatives by the Reserve Bank regarding consumer protection: a)  Most important perhaps was the release of a Charter of Customer Rights, which enshrined broad, overarching principles for protection of bank customers and enunciates the “five” basic rights of bank customers.