White-collar crime has been defined recently because the use of a big position of power for illegal gain that leads to damage or harm to victims as measured by loss, physical harm, and damage to the community moral climate. Most experts agree that the economic impact of white-collar crime in much more costly than ordinary crime. White-collar crime prevalence in India, the laws regarding the white collar crime depends on the precise nature of crime committed. As per the research, robbery, extortion, tax fraud are the crimes committed within the territory of India and there are other such banking related crimes like trading, concealment as these are the simplest opportunities and ways for the powerful white collar criminals to earn in huge amounts during a short period of your time. Though, banking being a industry a well- defined and functional mechanism to make sure fairness and satisfaction to the bank users is vital, RBI has undertaken an outsized number of initiatives on ensuring fair treatment to customers. The Banking Ombudsman Scheme (BOS) attempts to treating the bank customers fairly with the awakening of consumers on the problems of investor/consumer protection. This paper signifies the difference between White collar crimes and Blue Collar Crimes and significant improvements within the banking sector through effective implementation of the Banking Ombudsman scheme.