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Considering Banking Ombudsman Scheme which of the following statements regarding Banking Ombudsman is correct?
- a)He/she is an official authority to resolve customer’s complaint against deficiency in banking services.
- b)He/she is a senior official authority to resolve the banks complaints against RBI.
- c)He/she is a senior official authority to resolve the cases related to raising NPAs of the bank.
- d)None of the above
Correct answer is option 'A'. Can you explain this answer?
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Considering Banking Ombudsman Scheme which of the following statements...
• Option (a) is correct: Bank Ombudsman is an official authority to resolve customer’s complaint against deficiency in banking services.
Banking Ombudsman Scheme
• The Scheme was introduced in 2006 with the object of enabling resolution of complaints relating to certain services rendered by banks and to facilitate the satisfaction or settlement of such complaints.
• The Banking Ombudsman is a senior official in the rank of Chief General Manager or General Manager appointed by the Reserve Bank of India to redress customer complaints against deficiency in certain banking services.
• The tenure of a banking ombudsman is for a period not exceeding 3 years.
• The appeal lays before an appellate authority i.e. the Deputy Governor in charge of the Department of the Reserve Bank implementing the Scheme.
• The ombudsman is required to send an annual report to the RBI governor containing general review of the activities of his office during the preceding financial year and other information required by the central bank.
• Currently, twenty Banking Ombudsmen have been appointed with their offices located mostly in state capitals.
• All Scheduled Commercial Banks, Regional Rural Banks and Scheduled Primary Cooperative Banks are covered under the Scheme.
Ombudsman Scheme for Non-Financial Banking Companies (NBFC’s)
• In 2018, RBI introduced an Ombudsman Scheme for Non-Banking Financial Companies (NBFC’s) to redress customer complaints against NBFCs for deficiency in certain services covered under the grounds of complaint specified under Clause 8 of the Scheme.
• As on date, four ombudsmen for NBFC’s have been appointed with their offices located at Chennai, Kolkata, New Delhi and Mumbai.
• The NBFC’s which are authorized to accept deposits; have customer interface, with assets size of one billion rupees or above were initially covered under the scheme.
• In 2019, RBI extended ombudsman scheme to cover non-deposit taking NBFC’s having customer interface and asset size of Rs.100 crores (Rs.1 billion) and above as well.
Banking Ombudsman Scheme
• The Scheme was introduced in 2006 with the object of enabling resolution of complaints relating to certain services rendered by banks and to facilitate the satisfaction or settlement of such complaints.
• The Banking Ombudsman is a senior official in the rank of Chief General Manager or General Manager appointed by the Reserve Bank of India to redress customer complaints against deficiency in certain banking services.
• The tenure of a banking ombudsman is for a period not exceeding 3 years.
• The appeal lays before an appellate authority i.e. the Deputy Governor in charge of the Department of the Reserve Bank implementing the Scheme.
• The ombudsman is required to send an annual report to the RBI governor containing general review of the activities of his office during the preceding financial year and other information required by the central bank.
• Currently, twenty Banking Ombudsmen have been appointed with their offices located mostly in state capitals.
• All Scheduled Commercial Banks, Regional Rural Banks and Scheduled Primary Cooperative Banks are covered under the Scheme.
Ombudsman Scheme for Non-Financial Banking Companies (NBFC’s)
• In 2018, RBI introduced an Ombudsman Scheme for Non-Banking Financial Companies (NBFC’s) to redress customer complaints against NBFCs for deficiency in certain services covered under the grounds of complaint specified under Clause 8 of the Scheme.
• As on date, four ombudsmen for NBFC’s have been appointed with their offices located at Chennai, Kolkata, New Delhi and Mumbai.
• The NBFC’s which are authorized to accept deposits; have customer interface, with assets size of one billion rupees or above were initially covered under the scheme.
• In 2019, RBI extended ombudsman scheme to cover non-deposit taking NBFC’s having customer interface and asset size of Rs.100 crores (Rs.1 billion) and above as well.
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Considering Banking Ombudsman Scheme which of the following statements regarding Banking Ombudsman is correct?a)He/she is an official authority to resolve customer’s complaint against deficiency in banking services.b)He/she is a senior official authority to resolve the banks complaints against RBI.c)He/she is a senior official authority to resolve the cases related to raising NPAs of the bank.d)None of the aboveCorrect answer is option 'A'. Can you explain this answer?
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Considering Banking Ombudsman Scheme which of the following statements regarding Banking Ombudsman is correct?a)He/she is an official authority to resolve customer’s complaint against deficiency in banking services.b)He/she is a senior official authority to resolve the banks complaints against RBI.c)He/she is a senior official authority to resolve the cases related to raising NPAs of the bank.d)None of the aboveCorrect answer is option 'A'. Can you explain this answer? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Considering Banking Ombudsman Scheme which of the following statements regarding Banking Ombudsman is correct?a)He/she is an official authority to resolve customer’s complaint against deficiency in banking services.b)He/she is a senior official authority to resolve the banks complaints against RBI.c)He/she is a senior official authority to resolve the cases related to raising NPAs of the bank.d)None of the aboveCorrect answer is option 'A'. Can you explain this answer? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Considering Banking Ombudsman Scheme which of the following statements regarding Banking Ombudsman is correct?a)He/she is an official authority to resolve customer’s complaint against deficiency in banking services.b)He/she is a senior official authority to resolve the banks complaints against RBI.c)He/she is a senior official authority to resolve the cases related to raising NPAs of the bank.d)None of the aboveCorrect answer is option 'A'. Can you explain this answer?.
Considering Banking Ombudsman Scheme which of the following statements regarding Banking Ombudsman is correct?a)He/she is an official authority to resolve customer’s complaint against deficiency in banking services.b)He/she is a senior official authority to resolve the banks complaints against RBI.c)He/she is a senior official authority to resolve the cases related to raising NPAs of the bank.d)None of the aboveCorrect answer is option 'A'. Can you explain this answer? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Considering Banking Ombudsman Scheme which of the following statements regarding Banking Ombudsman is correct?a)He/she is an official authority to resolve customer’s complaint against deficiency in banking services.b)He/she is a senior official authority to resolve the banks complaints against RBI.c)He/she is a senior official authority to resolve the cases related to raising NPAs of the bank.d)None of the aboveCorrect answer is option 'A'. Can you explain this answer? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Considering Banking Ombudsman Scheme which of the following statements regarding Banking Ombudsman is correct?a)He/she is an official authority to resolve customer’s complaint against deficiency in banking services.b)He/she is a senior official authority to resolve the banks complaints against RBI.c)He/she is a senior official authority to resolve the cases related to raising NPAs of the bank.d)None of the aboveCorrect answer is option 'A'. Can you explain this answer?.
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