‘Don’t sign papers without knowledge of contents’

Lalit Srivastava,Banking Ombudsman of the Reserve Bank of India for Punjab,Himachal Pradesh,Chandigarh,Panchkula,Ambala and Yamunanagar has stressed that before signing a document.

Written by Express News Service | Chandigarh | Published: January 30, 2011 3:10 am

RBI Banking Ombudsman points out that contents of document are considered binding in court of law

Lalit Srivastava,Banking Ombudsman of the Reserve Bank of India (RBI) for Punjab,Himachal Pradesh,Chandigarh,Panchkula,Ambala and Yamunanagar has stressed that before signing a document,one must study its contents carefully and not sign it “in good faith”,since the contents of the document are considered binding in a court of law.

During an interaction with people at Yes Bank in Sector 9 on Friday,Srivastava said that a common grievance among many people is that they were swindled of their money after signing a document but were not aware of its contents. The Banking Ombudsman highlighted that such ignorance is not accepted legally.

Srivastava pointed out that during the last year and a half during his stint as Banking Ombudsman,he had received about 6,000 complaints from the areas under his jurisdiction.

“About 2,000 of these were not maintainable on various grounds and were dismissed. The remaining 4,000 were taken up and in a large number of cases,the decisions went against the bank concerned. Almost all the decisions were accepted and implemented by the bank and there would be only 10-15 cases where the bank appealed against the order to the RBI Deputy Governor. If the complainant is not satisfied with the order,he too can seek remedy in a court of law,” said Srivastava.

He highlighted that any person who has a grievance against a bank should first lodge a complaint with the respective branch and await the bank’s reply for a month. The complaint must be lodged with the Banking Ombudsman within a year of receipt of the reply from the bank.

The complaints can be made at the Ombudsman’s office in the RBI,e-mailed to bochandigarh@rbi.org.in or made online on bankingombudsman.rbi.org.in

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