Multiple choice

Can Reserve Bank and the Central Government forward a complaint to the Banking Ombudsman?

  1. The right to complaint is given to the complainant only.

  2. Neither the Reserve Bank nor the Central Government has the right to refer the matter to the Banking Ombudsman.

  3. Reserve Bank and the Central Government are empowered to send the complaint received by them to the Banking Ombudsman.

  4. Only an individual’s complaint can be sent by the Reserve Bank and the Central Government.
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

The Banking Ombudsman Scheme has been formulated by the Reserve Bank of India to provide an expeditious grievance redressal mechanism to customers of banks. It provides for an institutional and legal framework for resolution of complaints relating to banking services and other matters as specified under the Scheme. The Scheme has been brought into force by way of direction issued by the Reserve Bank in terms of Section 35A of the Banking Regulation Act, 1949. The Reserve Bank will also appoint its serving senior officials as the Banking Ombudsman and will also fully fund it for better effectiveness. The Banking Ombudsman shall also entertain complaints covered by this Scheme received by Central Government or Reserve Bank and forwarded to him for disposal.  

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