RESERVE BANK OF INDIA HAS INTRODUCED THE BANKING OMBUDSMAN SCHEME AS AN EFFECTIVE TOOL OF CUSTOMER GRIEVANCE REDRESSAL. THE NEW SCHEME HAS BEEN OPERATIONALISED W.EF. 14.06.2002 WHICH IS A LANDMARK EVENT IN THE HISTORY OF INDIAN BANKING INDUSTRY IN PROTECTING THE INTERESTS OF THE CUSTOMERS & REDRESSING THEIR GRIEVANCES.