On what grounds, a customer can lodge a complaint with the Office of Banking Ombudsman for deficiency in service with respect to loans and advances? What is the cost involved in filing complaint with Banking Ombudsman ?

Answer 5 A customer can also lodge a complaint on the following grounds of deficiency in the service with respect to loan and advances: non-observance of Reserve Bank Directives on interest rates; delays in sanction, disbursement or non-observance of prescribed time schedule for disposal of loan applications. non-acceptance of application for loans without furnishing valid reasons to the applicant; non-adherence to the provisions of the fair practices code for lenders as adopted by the bank or Code of Bank's Commitment to Customers, as the case may be; non-observance of any other direction or instruction of the Reserve Bank as may be specified by the Reserve Bank for this purpose from time to time; There is no cost involved in filing complaints with Banking Ombudsman. The Banking Ombudsman does not charge any fee for filing and resolving customers' complaints.