What do you understand by Banking Ombudsman? Who appoint him and why?

The Banking Ombudsman is a quasi-judicial authority formed with the aim to address and resolve complaints of the Bank's customers. As per the Banking Ombudsman Scheme, 2006 'Banking Ombudsman' means any person appointed under Clause 4 of the Scheme. As per clause 4 of the Banking Ombudsman Scheme, 2006, the Reserve Bank shall appoint one or more of its officers in the rank equivalent to that of a Chief General Manager to be known as Banking Ombudsman in the public interest to carry out the functions entrusted to them under the Scheme. The Banking Ombudsman can be appointed for any specified local area or for the whole or such part of the country. Appointment: The Reserve Bank may appoint one or more of its officers in the rank of Chief General Manager or General Manager to be known as Banking Ombudsmen to carry out the functions entrusted to them by or under the Scheme. The appointment of a Banking Ombudsman under the above Clause may be made for a period not exceeding three years at a time. Aim to appoint: The Main object of this scheme is introduced with the object of enabling resolution of complaints relating to certain services rendered by banks and facilitating the satisfaction and settlement of such complaints.