Question
What is the primary objective of the Banking Ombudsman
Scheme introduced by the RBI?Solution
The Banking Ombudsman Scheme was introduced by the Reserve Bank of India (RBI) in 1995 under the Banking Regulation Act, 1949. Its objective is to offer a quick, cost-effective resolution for complaints regarding banking services. The scheme simplifies the grievance redress process by providing a centralized mechanism for customers to register complaints, aiming for a speedy and satisfactory resolution. The Banking Ombudsman, appointed by the RBI, handles complaints through settlement or by issuing an award. The scheme has been revised multiple times, with the latest revision in 2017.
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