Consider the following statements with reference to Banking Ombudsman Scheme:

        I.            The scheme will provide redressal of customer complaints involving deficiency in services of government banks only.

      II.            It amalgamates three ombudsman schemes of RBI - banking ombudsman scheme of 2006, ombudsman scheme for NBFCs of 2018 and ombudsman scheme of digital transactions of 2019.

    III.            The scheme was launched for resolving customer grievances in relation to services provided by entities regulated by RBI in an expeditious and cost-effective manner.

Which of the statements given above is/are not correct?

Solution

Statement I is not correct - The unified ombudsman scheme will provide redress of customer complaints involving deficiency in services rendered by RBI regulated entities viz. All banks, NBFCs (Non-banking Financial Companies) and pre-paid instrument players if the grievance is not resolved to the satisfaction of the customers or not replied to within a period of 30 days by the regulated entity. Statement II is correct - It amalgamates three ombudsman schemes of RBI – the banking ombudsman scheme of 2006, the ombudsman scheme for NBFCs of 2018 and the ombudsman scheme of digital transactions of 2019. Statement III is correct - The scheme was launched for resolving customer grievances in relation to services provided by entities regulated by RBI in an expeditious and cost-effective manner.