These guidelines, aimed at protecting customer’s interest, include clear disclosures of terms and conditions, including rate of interest on annualised basis, prohibit issue of unsolicited cards, ensure customer confidentiality, and also cover matters such as ‘do not call’ registry, fair practices in recovery and collection.
Revised Banking Ombudsman Scheme 2006 Keeping in view the large number of complaints continuously being received against banks, the Banking Ombudsman Scheme has been revamped this year to enlarge its extent and scope of the authority and functions to specifically cover redressal of grievances against deficiency in banking services, including a variety of banking products/services, such as, loans and advances, credit cards, non-payment/ inordinate delay in the payment or collection of cheques, drafts, bills, non-issue of drafts to customers, non-adherence to prescribed working hours by branches etc.