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The Internal Ombudsman (IO) scheme 2018 gives statutory powers to Internal Ombudsman has introduced recently under which law?
  • a)
    Mortgage of Immovable Properties or Assets
  • b)
    Lokpal and Lokayukta Act
  • c)
    Banking Regulation Act
  • d)
    Reserve Bank of India Act
Correct answer is option 'C'. Can you explain this answer?
Verified Answer
The Internal Ombudsman (IO) scheme 2018 gives statutory powers to Inte...
The Reserve Bank of India (RBI) has recently introduced Internal Ombudsman (IO) scheme 2018 to tighten internal grievance redressal system at Scheduled Commercial Banks (SCBs). In it, RBI has given statutory powers to Internal Ombudsman (IO) under section 35 A of the Banking Regulation Act, 1949. The central bank has tightened the selection and operating procedure for IO in banks and made it mandatory for lenders with more than 10 branches (excluding Regional Rural Banks) to have an independent authority to review complaints that were partially or wholly rejected by the respective banks. An ombudsman is a person officially charged with investigating and addressing public complaints or violation of rights. The tenure of the IO cannot be more than 5 years and it is not open to reappointment. An IO also cannot be removed without consent from the RBI. This new post will not report to the bank's CEO but to the customer service committee of the bank.
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The Internal Ombudsman (IO) scheme 2018 gives statutory powers to Internal Ombudsman has introduced recently under which law?a)Mortgage of Immovable Properties or Assetsb)Lokpal and Lokayukta Actc)Banking Regulation Actd)Reserve Bank of India ActCorrect answer is option 'C'. Can you explain this answer?
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The Internal Ombudsman (IO) scheme 2018 gives statutory powers to Internal Ombudsman has introduced recently under which law?a)Mortgage of Immovable Properties or Assetsb)Lokpal and Lokayukta Actc)Banking Regulation Actd)Reserve Bank of India ActCorrect answer is option 'C'. Can you explain this answer? for Current Affairs 2024 is part of Current Affairs preparation. The Question and answers have been prepared according to the Current Affairs exam syllabus. Information about The Internal Ombudsman (IO) scheme 2018 gives statutory powers to Internal Ombudsman has introduced recently under which law?a)Mortgage of Immovable Properties or Assetsb)Lokpal and Lokayukta Actc)Banking Regulation Actd)Reserve Bank of India ActCorrect answer is option 'C'. Can you explain this answer? covers all topics & solutions for Current Affairs 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for The Internal Ombudsman (IO) scheme 2018 gives statutory powers to Internal Ombudsman has introduced recently under which law?a)Mortgage of Immovable Properties or Assetsb)Lokpal and Lokayukta Actc)Banking Regulation Actd)Reserve Bank of India ActCorrect answer is option 'C'. Can you explain this answer?.
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