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With reference to the institution of Banking Ombudsman in, India, which one of the statements is not correct?
- a)The Banking Ombudsman is appointed by the Reserve Bank of India
- b)The Banking Ombudsman can, consider complaints from Non Resident Indians having accounts in India.
- c)The orders passed by the Banking Ombudsman are final and binding on the parties concerned
- d)The service provided by the Banking Ombudsman is free of any fee
Correct answer is option 'C'. Can you explain this answer?
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With reference to the institution of Banking Ombudsman in, India, whic...
Banking Ombudsman is a quasi judicial authority functioning under India’s Banking Ombudsman Scheme 2006, and was created pursuant to the a decision by the Government of India to enable resolution of complaints of customers of banks relating to certain services rendered by the banks. The Banking Ombudsman Scheme was first introduced in India in 1995, and was revised in 2002. The current scheme became operative from 1st January 2006, and replaced and superseded the banking Ombudsman Scheme of 2002.
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With reference to the institution of Banking Ombudsman in, India, whic...
Banking Ombudsman in India
The institution of Banking Ombudsman in India was established by the Reserve Bank of India (RBI) in 1995, with the aim of providing an independent and impartial forum for resolving customer complaints against banks. The Banking Ombudsman is appointed by the RBI and has the authority to handle complaints related to banking services.
a) The Banking Ombudsman is appointed by the Reserve Bank of India:
This statement is correct. The Banking Ombudsman is indeed appointed by the Reserve Bank of India. The RBI appoints officers with the necessary qualifications and experience to act as Banking Ombudsmen.
b) The Banking Ombudsman can consider complaints from Non-Resident Indians (NRIs) having accounts in India:
This statement is correct. The Banking Ombudsman has the authority to consider complaints from NRIs who have accounts in India. The Ombudsman can address issues related to non-payment or delay in payment of inward remittances, failure to provide banking services, and any other grievances faced by NRIs.
c) The orders passed by the Banking Ombudsman are final and binding on the parties concerned:
This statement is not correct. The orders passed by the Banking Ombudsman are not final and binding on the parties concerned. While the Banking Ombudsman's decision is binding on the bank, the complainant has the right to reject the award and approach other forums such as consumer courts or civil courts for further redressal.
d) The service provided by the Banking Ombudsman is free of any fee:
This statement is correct. The service provided by the Banking Ombudsman is free of any fee. Customers can file complaints with the Banking Ombudsman without incurring any charges. This ensures that the forum is accessible to all customers and promotes customer satisfaction.
In conclusion, statement c) is not correct as the orders passed by the Banking Ombudsman are not final and binding on the parties concerned. The other statements, a), b), and d), are all correct. The Banking Ombudsman plays a crucial role in resolving customer complaints and ensuring fair practices in the banking sector.
The institution of Banking Ombudsman in India was established by the Reserve Bank of India (RBI) in 1995, with the aim of providing an independent and impartial forum for resolving customer complaints against banks. The Banking Ombudsman is appointed by the RBI and has the authority to handle complaints related to banking services.
a) The Banking Ombudsman is appointed by the Reserve Bank of India:
This statement is correct. The Banking Ombudsman is indeed appointed by the Reserve Bank of India. The RBI appoints officers with the necessary qualifications and experience to act as Banking Ombudsmen.
b) The Banking Ombudsman can consider complaints from Non-Resident Indians (NRIs) having accounts in India:
This statement is correct. The Banking Ombudsman has the authority to consider complaints from NRIs who have accounts in India. The Ombudsman can address issues related to non-payment or delay in payment of inward remittances, failure to provide banking services, and any other grievances faced by NRIs.
c) The orders passed by the Banking Ombudsman are final and binding on the parties concerned:
This statement is not correct. The orders passed by the Banking Ombudsman are not final and binding on the parties concerned. While the Banking Ombudsman's decision is binding on the bank, the complainant has the right to reject the award and approach other forums such as consumer courts or civil courts for further redressal.
d) The service provided by the Banking Ombudsman is free of any fee:
This statement is correct. The service provided by the Banking Ombudsman is free of any fee. Customers can file complaints with the Banking Ombudsman without incurring any charges. This ensures that the forum is accessible to all customers and promotes customer satisfaction.
In conclusion, statement c) is not correct as the orders passed by the Banking Ombudsman are not final and binding on the parties concerned. The other statements, a), b), and d), are all correct. The Banking Ombudsman plays a crucial role in resolving customer complaints and ensuring fair practices in the banking sector.
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With reference to the institution of Banking Ombudsman in, India, which one of the statements is notcorrect?a)The Banking Ombudsman is appointed by the Reserve Bank of Indiab)The Banking Ombudsman can, consider complaints from Non Resident Indians having accounts in India.c)The orders passed by the Banking Ombudsman are final and binding on the parties concernedd)The service provided by the Banking Ombudsman is free of any feeCorrect answer is option 'C'. Can you explain this answer?
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With reference to the institution of Banking Ombudsman in, India, which one of the statements is notcorrect?a)The Banking Ombudsman is appointed by the Reserve Bank of Indiab)The Banking Ombudsman can, consider complaints from Non Resident Indians having accounts in India.c)The orders passed by the Banking Ombudsman are final and binding on the parties concernedd)The service provided by the Banking Ombudsman is free of any feeCorrect answer is option 'C'. Can you explain this answer? for Defence 2024 is part of Defence preparation. The Question and answers have been prepared according to the Defence exam syllabus. Information about With reference to the institution of Banking Ombudsman in, India, which one of the statements is notcorrect?a)The Banking Ombudsman is appointed by the Reserve Bank of Indiab)The Banking Ombudsman can, consider complaints from Non Resident Indians having accounts in India.c)The orders passed by the Banking Ombudsman are final and binding on the parties concernedd)The service provided by the Banking Ombudsman is free of any feeCorrect answer is option 'C'. Can you explain this answer? covers all topics & solutions for Defence 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for With reference to the institution of Banking Ombudsman in, India, which one of the statements is notcorrect?a)The Banking Ombudsman is appointed by the Reserve Bank of Indiab)The Banking Ombudsman can, consider complaints from Non Resident Indians having accounts in India.c)The orders passed by the Banking Ombudsman are final and binding on the parties concernedd)The service provided by the Banking Ombudsman is free of any feeCorrect answer is option 'C'. Can you explain this answer?.
With reference to the institution of Banking Ombudsman in, India, which one of the statements is notcorrect?a)The Banking Ombudsman is appointed by the Reserve Bank of Indiab)The Banking Ombudsman can, consider complaints from Non Resident Indians having accounts in India.c)The orders passed by the Banking Ombudsman are final and binding on the parties concernedd)The service provided by the Banking Ombudsman is free of any feeCorrect answer is option 'C'. Can you explain this answer? for Defence 2024 is part of Defence preparation. The Question and answers have been prepared according to the Defence exam syllabus. Information about With reference to the institution of Banking Ombudsman in, India, which one of the statements is notcorrect?a)The Banking Ombudsman is appointed by the Reserve Bank of Indiab)The Banking Ombudsman can, consider complaints from Non Resident Indians having accounts in India.c)The orders passed by the Banking Ombudsman are final and binding on the parties concernedd)The service provided by the Banking Ombudsman is free of any feeCorrect answer is option 'C'. Can you explain this answer? covers all topics & solutions for Defence 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for With reference to the institution of Banking Ombudsman in, India, which one of the statements is notcorrect?a)The Banking Ombudsman is appointed by the Reserve Bank of Indiab)The Banking Ombudsman can, consider complaints from Non Resident Indians having accounts in India.c)The orders passed by the Banking Ombudsman are final and binding on the parties concernedd)The service provided by the Banking Ombudsman is free of any feeCorrect answer is option 'C'. Can you explain this answer?.
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With reference to the institution of Banking Ombudsman in, India, which one of the statements is notcorrect?a)The Banking Ombudsman is appointed by the Reserve Bank of Indiab)The Banking Ombudsman can, consider complaints from Non Resident Indians having accounts in India.c)The orders passed by the Banking Ombudsman are final and binding on the parties concernedd)The service provided by the Banking Ombudsman is free of any feeCorrect answer is option 'C'. Can you explain this answer?, a detailed solution for With reference to the institution of Banking Ombudsman in, India, which one of the statements is notcorrect?a)The Banking Ombudsman is appointed by the Reserve Bank of Indiab)The Banking Ombudsman can, consider complaints from Non Resident Indians having accounts in India.c)The orders passed by the Banking Ombudsman are final and binding on the parties concernedd)The service provided by the Banking Ombudsman is free of any feeCorrect answer is option 'C'. Can you explain this answer? has been provided alongside types of With reference to the institution of Banking Ombudsman in, India, which one of the statements is notcorrect?a)The Banking Ombudsman is appointed by the Reserve Bank of Indiab)The Banking Ombudsman can, consider complaints from Non Resident Indians having accounts in India.c)The orders passed by the Banking Ombudsman are final and binding on the parties concernedd)The service provided by the Banking Ombudsman is free of any feeCorrect answer is option 'C'. Can you explain this answer? theory, EduRev gives you an
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