The court noted that the Reserve Bank-Integrated Ombudsman Scheme, 2021, is intended to facilitate a just, efficient, and transparent resolution of consumer complaints against regulated entities and bridging the gap between these entities and individuals seeking justice.
The court said that the Ombudsman, being well-versed in banking practices, is entrusted to perform quasi-judicial functions with diligence in line with existing regulations.
It is expected to pass reasoned orders to ensure transparency in the decision-making process and inspire public confidence in efficient dispute resolution.
The case in question involved an entity, MB Power Limited, which challenged the rejection of its complaint against ICICI Bank.
The Ombudsman had rejected the complaint without providing reasons, which the court found unacceptable.
The court observed that the Ombudsman must pass reasoned orders and remanded the matter back to the Ombudsman for fresh consideration in accordance with the law.
–Ajit Weekly News
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