What do we do when we face some issue with Banks, Mutual Funds, Credit Card company, Insurance Company and so on? The first thing we do is to file a complain with them for our problems and then we wait for their answer. What if we are not satisfied with there reply and want more justice.
We can then lodge a complain with their regulators Ombudsman and grievance cells. Let us see this in more detail.
What is Ombudsman?
The ombudsman is the internal complaint department for socially responsible organizations (governments, companies, societies, etc.). The ombudsman has complete access to the organization’s records and personnel, and the knowledge to understand how things work internally, in order to investigate complaints made against the organization.
So we have Bank Ombudsman, Insurance Company Ombudsman and Mutual funds companies Ombudsman etc.
When should you Approach Ombudsman ?
The first thing you should be doing is to contact your Bank/Mutual Fund Office/ Insurance Company and file a complaint with them. If you do not receive any response within some specified limit of days, you should further your complaint with the Ombudsman.
What If Ombudsman do not reply or take Action?
All the Ombudsman bodies comes under the purview of Right to Information Act (RTI act of 1995). They are legally bound to reply for any complaints made by them ,considering its as per the stated rules.
Banking Operations and Credit Cards
Regulator:RBI
Local Ombudsman: http://www.apnaloan.com/home-loan-india/Banking-ombudsman-area.html
Where to Complain :http://www.rbi.org.in/Scripts/bankingombudsman.aspx
Mutual Funds and Stock Market Related
Regulator :SEBI
Where to Complain:
Track your Complaint Status at: http://www.sebi.gov.in/ComplaintStatus.jsp
Insurance
Regulator : IRDA
Where to Complain : http://www.irdaindia.org/ins_ombusman.htm
For more see : http://www.irdaindia.org/rti_act2005.htm
Note : Ombudsman are the next level of bodies to complain , first try to resolve matter personally with the Bank or Insurance company which is creating problem for you.
{ 36 comments… read them below or add one }
Good Info..!!
Thanks Yogi … Incase you have any more information , please add it
Manish
The grievances with respect to the Banks, Mutual Funds, Credit Cards, Insurance Company etc. can also be addressed effectively and transparently by consumer courts. Infact, the consumer courts are quasi judicial bodies and function more or less like regular court. The only difference is that there are less technicalities involved, it is speedier and low cost. The judges have sympathetic attitude and if the consumers have good case, there are many instances that they have been compensated handsomely. The consumers have now good options available to get their grievances addressed. The parliament should enact futuristic laws to strengthen the Consumer Courts, Consumer Grievance Forums and Ombudsman. This would take much burden off the Civil Courts, High Courts and Supreme Court of India. The jurisdiction should also be widened to bring in new scopes within their ambits.
Rajinder Ahluwalia Advocate
Supreme Court of India
Consumer Rights Activist
9990400404
Rajwalia
thanks for the information .. much appreciated
Manish
You are most welcome Manish!
The grievances with respect to the Banks, Mutual Funds, Credit Cards, Insurance Company etc. Ombudsman’s office is not the proper forum for complaining as Ombudsman has no teeth and no powers moreover they have proximity with almost all Private Banks and the public sufferer have mostly come empty handed from Ombudsman’s office.
The appropriate forum is Consumer Court where the cases for deficiency of service/ harassment / mental agony are heard and duly compensated also. Consumer Court lawyers can handle the cases effectively.
Also a lot of investors have no idea on how to complete the procedures involved with complaints
Manish
Hello Sir,
As your site mentioned that, if we have any problems with our banks or
mutual fund then first we should file a complain to that company.
So, sir could you please tell me how we lodge a complain
by personally or can be through e-mail.
If personally then where should we complain.
Thanks you
Vijay Kumar
Vijay
Each company has a grivience cell and you can lodge a complaint there first .. you might get the info on their website or their local office ..
manish
dear sir/madam
my name gomati gupta
add: gehloti ki dungari dhola bhata
suary nagar dhola bhata ajmer
305001[rajasthan]
my policy in bajaj allianz life insurance company limited
my policy number 21645031
my policy name unitlinked
data of commencement 06.07.2006
frequerncy annual
sum assured amount 100000
sir my complants for year complacte iam 3 time premium pay 10000
i not recived orgianal policy bound
iam three time complants company policy bounds
so u help me my policy give me
thanks
gomati gupta
cellno 9351512504
Mr Gomti
You should write to the company and threaten them that you will go to IRDA and other consumer complaint forums , they will get back to you , where is your agent ?
Manish
Ombudsman appointed by RBI has no teeth. Moreover the Ombudsman office is more influenced by private Bankers and common man is the sufferer, Recemtly I filled a complaint no: 20091001400004372 at the office of Ombudsman – New Delhi against Citibank – New Delhi. My complaint was for Deficiencies in Service in Closing my Account without any prior intimation or instruction from me, Citibank had siphoned off more than Rs.10.000 from my account by deducting Rs. 672 p.m. under the garb of service tax.
Declining to pay us our remittance from abroad valuing Euros 10000 , approx. Rs. 7 lacs ,since they closed the Account .
Influenced by Citibank personnel , who have free proximity in the office of Ombudsman, Ombudsman has given very vague observance and later terming the complaint as baseless and disposing it as ” Beyond the pecuniary jurisdiction of the Banking Ombudsman prescribed under sub clauses (5) and (6) of clause 12 . If the complaint was beyond his jurisdiction, where was the need for his one sided Observations and wasting 4 months , is it just to please Citibank personnel ??, who freely roam in the Office of Ombudsman at New Delhi , this fact was brought to the notice of Ombudsman in writing, but of no use.
RBI guidelines regarding Closing of account:
Closing of account without the instructions of the account holder would amount to deficiency in service. ( http://www.rbi.org.in/Scripts/bs_viewcontent.aspx?Id=171#2 )
were shown to Ombudsman and were given to him also during the meeting but he chose to remain silent on this , whereas the Deficiency of Service for Closing the Account is very much under the scope and jurisdiction of Ombudsman.
Is it the Status of Ombudsman and his Office at New Delhi for which we hear a lot regarding helping common man from the clutches of such unscrupulous Banks.
Is there anybody who keeps a check on such complaints whether they are dealt as per RBI rules and guidelines. If the above complaint is re-investigated, the Ombudsman himself can run in to trouble.
A common man will think twice before going to Ombudsman with his complaint.
Y.C.Kalia
Y.C.Kalia
So you got the justice finally ?
manish
No Dear , no justice , the matter is now at a different Forum.
Justice is available at a price in India and justice delayed is justice denied.
I will like if the matter is taken up by media or some NGO to expose corrupt practices.
Y.C.Kalia
I had cancelled my credit card of stanchart on 28.10.2003. I received Full and Final settlement letter dated 28.10.2003 stating that my account has been closed. Now suddenly after more than 7 years I am receving Phone calls from M/s Shaha Finelease Pvt Ltd Mumbai stating that my name is appearing in CIBIL and if i want to cancel my name from CIBIL I have to pay Rs.2.75 Lakhs to them. Further they are statingthey are sole authority to delete the name from CIBIL. It is seen that stanchart have sold the details of cancelled card to above firm as scrap. Now this people are trying to extract money from closed card holder threatening with the CIBIL list. How can be details of card holders can be sold to collecting agency. In a age where collecting agencies are being put on leash for their arrogant talk, threats, pressure tactics , which have resulted in even death , it is shocking that the closed card holder’s details have been sold into collecting agencies hand,and now they are playing God. For a card cancelled 7 years ago asking for Rs.2.75 is nothing but blackmailing. They dont have fear of RBI also. Do what ever you want they say but you have to pay now or after wards. Sir it is requested to interevene in the matter and issue sutiable instructions to them, so that innocent people dont face such huge problem which result in depression and family’s life is disturbed. My whole family is in tension.
Shakil Yusuf Sirnaik
Can you mail me the details on my id manish@jagoinvestor.com . I dont promise I can do anything , but i might ask some people who can help
Manish
sir
sub;-ON INVESTMENT OF Rs.1 LAC IN NSE SHARES AND I GOT RECEVIED PENALTY OF Rs.4.20 LACS.
i am small investor or trader in stock exchange ragistered with munoth capital market ltd.
(1) First i purchased 5000 share of above script by trade no 67727878 at about 13:11 pm at 19.47 rupees share and after that I sold that shares wide trade no. 67865428 at about 13:48 pm at 19 rupees shares. Closing price of that share was about Rs 19/- After complating that i got this script was in trade for trade and that shares cannot be sold in same day.
(2) After one day on 21-12-2010. I got the bill from my broker for auction of that shares at 101 shares. Means I have traded intraday in above script valued about Rs 1 lac but I got the dabit Rs 5.10 lac. When I asked to my broker it has been known to us that auction (close out) is done on the highest price of the 3 days from 20-12-2010 to 21-12-2010.
(3) Fact of this script (ZEE LEARN LTD)
This script was demerged and listed on 20-12-2010, It start trading at Rs 15/- and traded whole of the day between Rs 15 to 21.
Due to that I and number of people like me have lost that hard earned money in trading with NSE. Just think is it genuine to give a penalty of Rs 4.25 lac for total trading of Rs 1 lac only.
Mahendra
You can complain in consumer forum or SEBI on this .
Manish
sir
sub;-ON INVESTMENT OF Rs.1 LAC IN NSE SHARES AND I GOT RECEVIED PENALTY OF Rs.4.20 LACS.
i am small investor or trader in stock exchange ragistered with munoth capital market ltd.
(1) First i purchased 5000 share of above script by trade no 67727878 at about 13:11 pm at 19.47 rupees share and after that I sold that shares wide trade no. 67865428 at about 13:48 pm at 19 rupees shares. Closing price of that share was about Rs 19/- After complating that i got this script was in trade for trade and that shares cannot be sold in same day.
(2) After one day on 21-12-2010. I got the bill from my broker for auction of that shares at 101 shares. Means I have traded intraday in above script valued about Rs 1 lac but I got the dabit Rs 5.10 lac. When I asked to my broker it has been known to us that auction (close out) is done on the highest price of the 3 days from 20-12-2010 to 21-12-2010.
(3) Fact of this script (ZEE LEARN LTD)
This script was demerged and listed on 20-12-2010, It start trading at Rs 15/- and traded whole of the day between Rs 15 to 21.
Due to that I and number of people like me have lost that hard earned money in trading with NSE. Just think is it genuine to give a penalty of Rs 4.25 lac for total trading of Rs 1 lac only.
You should be mailing RBI on this
Manish
Sir,
I have 2 policies of Metlife Insurence.Date of start of both is 27.11.2007.Surrender
charges are very high.Ihave come to know that IRDA has issued Circular no414
for standardisation of terms & conditions ofULIP products & is known as
Regulation2010.The co is not accepting it.Iwant to know when it has been
notified in Gazette?
REGARDS,
Narendra Deo
Nagendra
Its not applicable for old policies . And the main thing is whatever has happened will not be given back toyou now . Only the rules which are related to current time will be changed ,like if your per year charges currently is 2% , but IRDA said that it should be 1% , then only from now on it would be 1% , whatever has happened will not be given back
Manish
My metlife Policy nos are 00425091& oo425092.
Narendra Deo
sir
sub;-ON INVESTMENT OF Rs.1 LAC IN NSE SHARES AND I GOT RECEVIED PENALTY OF Rs.4.20 LACS.
i am small investor or trader in stock exchange ragistered with munoth capital market ltd.
(1) First i purchased 5000 share of above script by trade no 67727878 at about 13:11 pm at 19.47 rupees share and after that I sold that shares wide trade no. 67865428 at about 13:48 pm at 19 rupees shares. Closing price of that share was about Rs 19/- After complating that i got this script was in trade for trade and that shares cannot be sold in same day.
(2) After one day on 21-12-2010. I got the bill from my broker for auction of that shares at 101 shares. Means I have traded intraday in above script valued about Rs 1 lac but I got the dabit Rs 5.10 lac. When I asked to my broker it has been known to us that auction (close out) is done on the highest price of the 3 days from 20-12-2010 to 21-12-2010.
(3) Fact of this script (ZEE LEARN LTD)
This script was demerged and listed on 20-12-2010, It start trading at Rs 15/- and traded whole of the day between Rs 15 to 21.
Due to that I and number of people like me have lost that hard earned money in trading with NSE. Just think is it genuine to give a penalty of Rs 4.25 lac for total trading of Rs 1 lac only.
Hi,
I has taken Personal Loan of Rs. 3,00,000 from Fullertone India in June 2010. I was informed that EMI amounting to Rs. 9500 will be deducted from the month of August. I have made sufficient in the month of August and 1st emi was deducted on 5th August. Each and every thing was going fine, but in the month of Novemeber 2010, an amount of RS. 276/- has been deducted as RT-ECS-FC on 24th November. At this time I had ignored but them same was repeated on December. I have raised the Query with Bank, on investigation It was revealed that Fullertone is presenting my ECS twice a month. On the same Day I set the alarm and got a No. 9004693605 of Thane Branch. I was calling him continously from Last 1 month but he was not responding / nor supporting. Yesterday, It was very shocking that Again Amount of Rs 276/- has been deducted from my account on 15th January 2011.
Due to this negligence from Fullertone I am suffering mentally, as I have been blacklisted from other loans too.
I am planning to raise the issue with Consumer Court. Can i Raise this issue with them? and what are the procedures and documentation required? and how much can i Claim towards mental stress given by Fullertone.
Pls guide..
Pancham
I will mail you right away with cc to a consumer court expert
Manish
dear sir,
i am facing too much of problem in opening of demat account, i am an Army officer, posted in Secunderabad, and the Bank people of hyderabad r not ready to accept my official certificates, which states that MY WIFE IS MY WIFE & STAYS WITH ME. SO PLZ TELL ME WHAT TO DO ?? i am struck up for the past 2 months, as i dont have a Passport, Rationcard ( i am not authorised), telephone ( i have mobiles), so plz accept the Indian Army’s certificate that i am an officer & my wife stays with me !!
Plz forward this mail to the SEBI chairman for his persual.
Why do you want to open an account with that bank , have you tried it with other banks ?
Hello,
We deposited international cheque in ICICI bank on 21st May. We started calling the bank officials after 20 days of deposit for the status of our remittance. Everytime they told us to wait for few more days as cheque was under process. On 25th June, our representative visited the bank and stayed there for 6 hours and was told by the branch manager himself that the cheque was still lying in the clearing house and they will immediately take the action so that we will get the remmitance in next 15 days. On the same date we also inward our complaint. We again started following up the bank officials since 12th July and today they sent us an email requesting indemnity as cheque was put on hold due to non avaibality of indemnity. I filed a complaint on rbi site with the Banking Ombudsman. Now how to track this complaint? Do I need to lodge an independent complaint in counsumer court as well?
Approaching Banking Ombudsman is useless , since all private bankers have their arrangements with Ombudsman , moreover Ombudsman has no teeth , their orders are of no value and cannot be imposed on Banks. Ombudsman office is just like Municipal Committee Office , specially in Delhi. This is the observation of many people who have dealt with this office.
Best way is to approach Consumer Court for Deficiency of Service and claim the compensation too. Orders of Consumer court are imposable on Banks. It takes time but consumers are heard. All depends upon the value of your cheque you deposited.
Dear Sir,
Thanks for your reply. Value of the cheque is USD8152. Do you think its advisable to move to consumer court for this value? Can we move to consumer court even if our complaint is pending with the Bank Ombudsman? and in any case how can I track the complaint status with bank ombudsman as i do not even have receipt of my complaint. Thanks again.
This is a big amount, Ombusdman is not the proper forum, they will simply give the decision that Export proceeds are outside the pecuniary powers of Ombudsman.
Normally the foreign checks are credited in 60 days, if it goes beyond , it can be considered deficiency of service on the part of Bank.
It is better if you consult some Consumer Court lawyer.
Dear Sir,
Thanks for your reply. Most of our foreign checks are credited in maximum 20-25 days. In our case…clearing house people were holding the check on their table waiting for indemnity and we were not instructed to do so by any bank officials. Anyway, I will consult a consumer court lawyer as per your suggestion. Thanks.
dear sir,
In the year 1997 Ihad invested Rs. 50,000/= witth ENBEE PLANTATION, BHOPAL, they comitted to offer 20% return , they had provided post dated checqes and land bond papers in my favour.all checques were bouncd ,after 3 years they have asked me to opt some other scheme and asked to return all the original documents with post dated checques. they have sent me 100 debentures of value 50000/- and promised to return my prinsipal amount with intrest , by 2003 but after so many letters to them and copy to RBI and SEBI , I could get my money back , please suggest what to do now D.D.RASTOGI
dear sir ,
greetings ..!
i have been buying the reliance Diversified power sector fund in a SIP of one thousand Rs per month since 3 years . there was a auto debit through ECS in SBI .
but there was no debit from nov 2010 . and then suddenly in aug 2011 i was charged 17 thousand by way of 17 debits on one single day .
when i complained , the reliance local manager told that it was a bank problem .
also he said that i was allotted unit in the fund in each respective month .
the nav was 55 in nov2010. but when i paid 17 thousand in Aug 2011, the nav was 31 . now the company is not ready to allot units as per the NAV in AUG 2011 .
is it possible that the company had really allotted me unit in past 17 months without receiving money by way of debit ?
was not the company ‘s duty to inform within 1-2 months , if there was a problem with debit system ?
kindly help ! what should be my stand ?
DR deshpande
This should be investigated .. please do a rough calcualtion on your end and you can figure out how many units you should have .. ask them for the statement ..
Manish