Multiple choice

The object of introducing the Banking Ombudsman Scheme, 2006 is

  1. for effective monitoring of the NPA accounts in the bank

  2. to regulate the disputes amongst the banks

  3. to enable resolution of complaints relating to banking services

  4. for executing the orders passed by the DRT
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

In 2006, the Reserve Bank of India announced the revised Banking Ombudsman Scheme with enlarged scope that included customer complaints on certain new areas, such as credit card complaints, deficiencies in providing the promised services even by banks' sales agents, levying service charges without prior notice to the customer and non-adherence to the fair practices code as adopted by individual banks.

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