A senior officer appointed by the RBI who has the understanding of law and is mandated to help people with their grievances in a fair manner. They can guide, resolve or escalate complaints related to finances to appropriate measures and act as mediator between customer and service partner

Example:
For example – Radha took a loan from the bank to open up a shop. The loan was approved but was not disbursed. Radha went to the Ombudsman and he investigated and the decision was in favour of Radha. Bank had not followed due procedure and agreed to follow ombudsman’s solution