Abstract :
Context: Customer satisfaction is an integral element in inculcating trust among the common people in the banking sector, which may also boost financial inclusion. Customer satisfaction can be measured in terms of complaints received about the bank services. The Banking Ombudsman Scheme was introduced in India in 1995 and revised in 2002 to enable the resolution of complaints of customers of banks relating to certain services rendered by the banks.
Materials and Methods: To analyse the performance of the Banking Ombudsman Scheme in India based on selected parameters, a descriptive research design has been used. The present study is based on secondary data compiled mainly from “The Banking Ombudsman Scheme-Annual report” which is published by RBI every year from 2015-16 to 2019-20. For analysis purposes, descriptive statistics tools such as percentages have been used.
The Ombudsman scheme is a blessing and a very prominent medium for redressal of grievances by the general public against banks and banking services. The resolution and the pace of resolution of the complaints is an essential aspect of consumer satisfaction. Also, the total number of banking transactions is growing because of inclusion, new modes of payments & settlements coming, and newer products, offerings & services. considering this, RBI should increase the number of Ombudsmen proportionately. BO's offices have started outreach activities for creating awareness among customers But still, it needs to be more rigorous, especially in rural areas.
Keyword :
Customer awareness, Grievance redressal, Satisfaction level, Complaints, Banking Ombudsman