Question

Mrs. Mehta files a complaint with the banking ombudsman against a private sector bank alleging deficiency in service causing her a loss of Rs.60 lakh in a fixed deposit fraud. Under the RBI Integrated Ombudsman Scheme, 2021, the complaint:

Q: Answer-Mrs. Mehta files a complaint with the banking ombudsman against a private sector bank alleging defic...

The RBI Integrated Ombudsman Scheme, 2021 replaced the earlier banking, NBFC and digital payment ombudsman schemes with a single ombudsman covering all RBI-regulated entities. A complaint is maintainable where the amount involved does not exceed Rs.50 lakh and is ordinarily filed within one year of the cause of action. Since Mrs. Mehtas loss is Rs.60 lakh, the complaint crosses the pecuniary ceiling and is not maintainable before the ombudsman. A party aggrieved by the ombudsmans award may appeal to the appellate authority, an RBI Deputy Governor, within 30 days. The scheme is not restricted to credit card or digital payment disputes and does not require prior resort to a consumer forum.

A Is maintainable only for credit card and digital payment disputes, as the scheme is limited to these categories.

B Is maintainable because the scheme covers all disputes with banks regardless of the amount involved.

C Is not maintainable, as complaints involving amounts exceeding Rs.50 lakh fall outside the pecuniary limit of the scheme.

D Is maintainable only if a consumer forum first rejects the claim, as the ombudsman is a secondary remedy.

E Can be filed only within six months of the cause of action, which is the limitation period under the scheme.

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Mrs. Mehta files a complaint with the banking ombudsman against a private sector bank alleging deficiency in service causing her a loss of Rs.60 lakh in a fixed deposit fraud. Under the RBI Integrated Ombudsman Scheme, 2021, the complaint:

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