ASHISH RANA Vs. RESERVE BANK OF INDIA

JUDGEMENT

(1.) The petitioners have preferred this writ petition with following prayers:-

(2.) It is a case where the petitioners have alleged that they have lodged several FIRs under Ss. 420, 406, 467, 468, 471 and 120B IPC with the Special Police Station SOG in relation to fraud committed upon them by inducing them to invest amount with the Banks and at the same time loan being released to them by the concerned Banks resulting in loss of their original funds and also sword hanging on their heads for recovery of the loans. In the aforesaid background, the present petition has been filed.

(3.) However, this Court finds that the Reserve Bank of India has laid down a Banking Ombudsman Scheme, 2006 whereby the customers' complaints with regard to deficiency in providing promised services by Banks Sales Agents and non-adherence to fair practice by individual Banks are addressed. The provision for appeal to Reserve Bank against the awards by the Banking Ombudsman has also been provided under the said Scheme. The said Scheme is operational and is an effective method to curb such kind of practices as alleged in the present petition.