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What is the fundamental nature and definition of an Integrated Banking Ombudsman?

Q: Answer-What is the fundamental nature and definition of an Integrated Banking Ombudsman?

An Ombudsman is a quasi-judicial body set up by the central bank RBI in India to serve as an independent dispute resolution authority, keeping it outside the formal structure of commercial banks and mainstream civil courts.

A A private commercial arbitration board funded by commercial banks

B A statutory court of law functioning under the Ministry of Corporate Affairs

C An independent, quasi-judicial authority appointed by the central bank

D A trade union body representing the interests of banking employees

E A wing of the police department specializing in tracking cyber fraud

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What is the fundamental nature and definition of an Integrated Banking Ombudsman?

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