New Delhi, Aug. 23 -- If your bank has charged you an incorrect fee, deducted money without your authorisation or failed to resolve an unauthorised transaction, you do not have to simply accept the loss. Every bank has a formal grievance redressal process that customers can use to report such issues and seek a reversal or refund.

A bank customer can also escalate the matter by approaching the Reserve Bank of India (RBI), which allows grievances to be registered through its complaint management system, an online platform for redressal under the Integrated Ombudsman Scheme. However, this should be treated as a fallback option in case your bank fails to resolve an issue satisfactorily.

Before you approach the central bank's grievance porta...