Finance Law and Banking Law

Over the past three decades, the Indian banking and financial sector has undergone significant transformation in its consumer grievance redressal framework. The Banking Ombudsman mechanism has evolved from a limited administrative system addressing basic service complaints into a centralised, technology-driven, quasi-judicial mechanism. These changes reflect the evolving regulatory philosophy of the Reserve Bank of India (“RBI”), shaped by economic liberalisation, expansion of financial markets, and rapid technological advancement.