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      Question

      What action must the Complainant take for an Award

      passed by the RBI Ombudsman to remain valid and legally effective?
      A Pay a statutory court fee to the RBI within 15 days Correct Answer Incorrect Answer
      B Furnish a letter of acceptance of the Award in full and final settlement to the institution within 30 days of receipt Correct Answer Incorrect Answer
      C File a countersigned affidavit before a civil judge within 45 days Correct Answer Incorrect Answer
      D Execute a new account agreement with the Regulated Entity Correct Answer Incorrect Answer
      E Do nothing, as the award executes automatically with no action required from the complainant Correct Answer Incorrect Answer

      Solution

      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.

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