Question

What action must the Complainant take for an Award passed by the RBI Ombudsman to remain valid and legally effective?

Q: Answer-What action must the Complainant take for an Award passed by the RBI Ombudsman to remain valid and l...

An Award is not an automated decree. The customer must explicitly accept the judgment by writing to the financial institution within 30 days, confirming they accept the terms as a full and final settlement, otherwise the award lapses.

A Pay a statutory court fee to the RBI within 15 days

B Furnish a letter of acceptance of the Award in full and final settlement to the institution within 30 days of receipt

C File a countersigned affidavit before a civil judge within 45 days

D Execute a new account agreement with the Regulated Entity

E Do nothing, as the award executes automatically with no action required from the complainant

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What action must the Complainant take for an Award passed by the RBI Ombudsman to remain valid and legally effective?

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