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Filing a Complaint with the Banking Ombudsman

Article by Advocate Maya Gopal

The Reserve Bank of India - Integrated Ombudsman Scheme, 2021, is the relevant framework for your complaint against Banks or NBFCs. Here's how to proceed:

  1. Prerequisites Before Filing:
    1. Complaint to Banks or NBFCs:
      • You must have first made a written complaint to Banks or NBFCs and either:
      • They rejected it (fully or partially), or
      • You didn't receive a satisfactory response within 30 days.
  2. Grounds for Complaint:
    • If there is any misinterpretation in your loan terms then your case will fall under "deficiency in service".
  3. How to File:
    1. Online (Preferred):
      • Visit the RBI Complaint Management System (CMS) portal: https://cms.rbi.org.in/
      • This is the most efficient and preferred method.
    2. Physical Complaint:
      • If necessary, you can send a physical complaint to the Centralised Receipt and Processing Centre (CRPC) of the RBI. The address is available on the RBI website.
  4. Information Required:
    1. Complainant Details:
      • Your name, address, contact details, loan account number.
    2. Banks or NBFCs Details:
      • Name and address of the specific branch you dealt with.
    3. Complaint Details:
      • A clear and concise description of your complaint.
      • The specific clause in the loan agreement regarding collateral security.
      • Banks or NBFC's response (or lack thereof).
      • The relief you are seeking (e.g., that Banks or NBFCs adhere to the original agreement and/or compensation).
    4. Supporting Documents:
      • Crucially, the loan agreement.
      • Correspondence with Banks or NBFCs.
      • Any other relevant documents (payment records, etc.).
  5. Draft Complaint (Adapt for Online/Physical Filing):

    Use the draft letter provided as a base, but adapt it for the CMS portal or physical submission. Here's a slightly modified version, emphasizing the Ombudsman process:

    To,
    The RBI Ombudsman [Address of the RBI, or to be submitted through the CMS portal]

    Subject: Complaint against Banks or NBFCs - Misrepresentation of Loan Agreement Terms; Loan Account Number: [Your Loan Account Number]

    Dear Sir/Madam,
    I, [Your Name], residing at [Your Address], hold a housing loan account with Banks or NBFCs, [Branch Address], under loan account number [Your Loan Account Number]. The loan agreement was executed on [Date of Agreement].

    This complaint is filed under the Reserve Bank - Integrated Ombudsman Scheme, 2021, due to a deficiency in service by Banks or NBFCs.

    The loan agreement, specifically clause [Mention the Clause Number, if known], clearly states that "collateral security" is required for this loan. I have attached a copy of the relevant section of the agreement for your reference. However, Banks or NBFCs is now claiming that this clause is a "typographical error" and is not applicable to my loan.

    This constitutes a misrepresentation of the loan agreement terms. I entered into this agreement based on the understanding that [Explain your understanding and how the collateral security clause influenced your decision]. This change in terms significantly alters the nature of the agreement and places me in a disadvantageous position.

    I have attempted to resolve this issue directly with Banks or NBFCs. I corresponded with [Mention Names of Officials, if any] on [Dates of Communication]. However, their response was unsatisfactory, as they maintain the clause is a typographical error.

    As my complaint to Banks or NBFCs has not been resolved, I request that the RBI Ombudsman investigate this matter. I urge the Ombudsman to direct Banks or NBFCs to adhere to the terms of the original loan agreement and to provide any other appropriate relief.

    I have attached the following documents in support of my complaint:

    1. Copy of Loan Agreement (Relevant Sections)
    2. Copies of Correspondence with Banks or NBFCs
    3. [Any Other Relevant Documents]

    I look forward to your prompt attention to this matter and a favourable resolution.

    Sincerely,
    [Your Name]
    [Your Signature]

  6. Key Points:
    • Use CMS: The online CMS portal is the most efficient way to file.
    • Be Clear and Concise: Clearly state the facts and the specific deficiency in service.
    • Provide Documentation: Attach all supporting documents.
    • State Relief Sought: Clearly indicate what you want the Ombudsman to do.
    • Cooperate: Be prepared to provide any further information or assistance if required.

    It is strongly advised that the relevant concerned person seeks professional legal counsel to conduct a comprehensive evaluation of the specific facts and circumstances surrounding their case. This will aid in identifying the most suitable legal strategy to pursue in order to protect their interests effectively.

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