Question
The Banking Ombudsman Scheme is introduced
under which of the following sections in Banking Regulation Act, 1949?Solution
The Banking Ombudsman Scheme is an expeditious and inexpensive forum for bank customers for resolution of complaints relating to certain services rendered by banks. The Banking Ombudsman Scheme is introduced under Section 35 A of the Banking Regulation Act, 1949 by RBI with effect from 1995.Â
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Additionally, it is given that:
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