Ombudsman Scheme in Banking Sector - A Review

The present monograph deals with the concept of ombudsman and its applicability in case of dispute resolution of customers of bank. Financial and banking institution happens to be the blood veins of the economy. Therefore, their smooth functioning is essential for healthy economic development. From this point of view, resolution of disputes through amicable and friendly measures is a very important step forward. Ombudsman is basically quasi-judicial concept which provides rapid and appropriate justice to all concern by instituting a very systematic and easy to implement mechanism. Today most of the countries have adopted this concept in almost every sector. Though initially it was instituted for settlement of disputes related with bureaucrat systems. However, now it has broader spectrum of application. The present monograph is a small commentary on application and utility of concept of ombudsman in banking sector. This will be useful for researchers, scholars and academicians and learners of banking, commerce and management to gain certain basic insights regarding the concept of ombudsman.