Parties of a Cheque

There are three parties to the cheque 

•  Drawer or Maker 
• The bank - on whom the cheque is drawn (i.e. the bank with whom the account is maintained by the drawer)  
• Payee – Payee is the person whose name is mentioned on thecheque to whom or to whose order the money is directed to bepaid.

BANKING OMBUDSMAN SCHEME 2006

1) The Banking Ombudsman Scheme enables a bank customer for filing of complaints relating to certain services rendered by banks.

2) The Banking Ombudsman is a senior official appointed by the Reserve Bank of India to redress customer complaints against deficiency in certain banking services.

3) All Scheduled Commercial Banks, Regional Rural Banks and Scheduled Primary Co-operative Banks are covered under the Scheme.

4) The Banking Ombudsman does not charge any fee for filing and resolving customers’ complaints.

5) The maximum compensation which a BO can help a complainant to get is Rs. 10 lakhs.

6) If a complaint is not settled by an agreement within a period of one month, the Banking Ombudsman proceeds further to pass an award. Before passing an award, the Banking Ombudsman provides reasonable opportunity to the complainant and the bank, to present their case.

7) If one is not satisfied with the decision passed by the Banking Ombudsman, one can approach the appellate authority who is the Deputy Governor of the RBI.