Multiple choice

Complaints relating to non-acceptance of small denomination notes by a bank can be made to a Banking Ombudsman because

  1. such small denomination notes and coins are to be deposited with the Reserve Bank

  2. they may be deposited with a bank having a currency chest facility

  3. the Banking Ombudsman can deal with the complaints under the scheme

  4. the complainant can seek no remedy at all through the Banking Ombudsman, but has to approach the consumer disputes redressal machinery
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

In 2006, 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. Bank customers can complain about non-payment or any inordinate delay in payments or collection of cheques towards bills or remittances by banks, as also non-acceptance of small denomination notes and coins or charging of commission for acceptance of small denomination notes and coins by banks.

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