If your bank has mis-sold a financial product that you don’t need or does not suit your financial goals, you can now lodge a complaint against the bank with the banking ombudsman and seek redressal of your grievance. If the banking ombudsman finds that your complaint is justified, he may levy a penalty of up to Rs 10 lakh on the bank and award a compensation of up to Rs 1 lakh to you for causing loss of time and mental stress, along with costs incurred by you for filing the complaint.
