A COMPARATIVE ANALYSIS OF LEGAL FRAMEWORKS OF THE BANKING OMBUDSMAN SCHEMES IN INDIA AND BANGLADESH

This study presents a comparative analysis of the Banking Ombudsman Schemes in India and Bangladesh, examining their legal foundations, institutional frameworks. It highlights how Indias Banking Ombudsman, first introduced in 1995 and consolidated under the Integrated Ombudsman Scheme, 2021, has evolved into a technologically advanced and consumer-centric model with wide jurisdiction, binding authority, and robust digital grievance mechanisms. In contrast, Bangladeshs scheme, established in 2006 under the Banking Companies Act, remains limited in scope, with weaker statutory backing, non-binding recommendations, and relatively low levels of public awareness and usage, particularly in rural areas. The main objectives are To examine the legal and regulatory frameworks governing the Banking Ombudsman schemes in India. This research adopts a qualitative, comparative, and doctrinal legal methodology, supported by limited empirical insights where necessary. The main research question is what are the key legal provisions and regulatory guidelines that define the Banking Ombudsman schemes in India and Bangladesh. Indias Banking Ombudsman, launched in 1995 and upgraded under the 2021 Integrated Ombudsman Scheme, has grown into a modern and consumer-friendly system. Meanwhile, Bangladeshs version, set up in 2006 under the Banking Companies Act, still struggles with limited powers and low public awareness.