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Question

Who is a Banking Ombudsman?

A 1) A quasi-judicial body working under the High Courts of the state Correct Answer Incorrect Answer
B 2) An official appointed by the Reserve Bank of India to redress customer complaints Correct Answer Incorrect Answer
C 3) A retired judge appointed by GOI for addressing customer complaints against banks Correct Answer Incorrect Answer
D 4) A senior official of SBI to redress customer complaints in all public sector banks Correct Answer Incorrect Answer
E 5) A senior bank official appointed by the IBA (Indian Banking Association) to redress customer complaints Correct Answer Incorrect Answer

Solution

The Banking Ombudsman is a senior official appointed by the Reserve Bank of India to redress customer complaints against deficiency in certain banking services. The Banking Ombudsman Scheme enables an expeditious and inexpensive forum to 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.

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