1. Minimum age of the person 65 years.2. Appointment may be made for period of 3 years but the same is extendable for 2 years.3. May be removed by giving three months notice/by paying three months emoluments.4. Banking Ombudsman is appointed by a committee of 3 Dy. Governers of RBI and the additional secretary, Finance.5. The object of introducing the Banking Ombudsman Scheme, 2002 to enable resolution of complaints relating to banking services.6. Banking ombudsman resolve the dispute between banks or between bank and its customer by arbitration reference if both the parties to the complaint agree for such reference for arbitration and if value of the claim does not exceed Rs. 10 lakhs.
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