Which of the following statements is not correct regarding the ‘Ombudsman Scheme for Digital Transactions’?a)It was launched by the Reserve Bank of India (RBI) under the Payment and Settlements Act 2007.b)It is a mechanism for resolution of complaints regarding digital transactions conducted through banking and non-banking entities.c)The Ombudsman for Digital Transactions is a senior official appointed by the Reserve Bank of India.d)The appellate authority to hear complaints against the decision of the ombudsman is vested with a deputy governor of RBI.Correct answer is option 'B'. Can you explain this answer?

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Which of the following statements is not correct regarding the ‘Ombudsman Scheme for Digital Transactions’?

a)
It was launched by the Reserve Bank of India (RBI) under the Payment and Settlements Act 2007.
b)
It is a mechanism for resolution of complaints regarding digital transactions conducted through banking and non-banking entities.
c)
The Ombudsman for Digital Transactions is a senior official appointed by the Reserve Bank of India.
d)
The appellate authority to hear complaints against the decision of the ombudsman is vested with a deputy governor of RBI.

Correct answer is option 'B'. Can you explain this answer?

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Which of the following statements is not correct regarding the ‘Ombud...

Option a is correct: The Reserve Bank of India has launched an ‘Ombudsman Scheme for Digital Transactions’ in 2019 under Section 18 of the Payment and Settlement Systems Act, 2007.

Option b is incorrect: It is a mechanism for resolution of complaints regarding digital transactions conducted through only non-banking entities regulated by the RBI. Complaints related to digital transactions, conducted through banks, will continue to be handled under the Banking Ombudsman Scheme.

Option c is correct: The RBI may appoint one or more of its senior officers in the rank of Chief General Manager or General Manager to be known as Ombudsman for Digital Transactions, for a period not exceeding three years at a time. There is no charge or any fee for filing / resolving customers’ complaints. Option d is correct: The scheme also provides for an appellate mechanism. The appellate authority to hear complaints against the decision of the ombudsman is vested with a deputy governor of RBI, who is inCharge of the department of the RBI implementing the Scheme.

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Which of the following statements is not correct regarding the ‘Ombudsman Scheme for Digital Transactions’?a)It was launched by the Reserve Bank of India (RBI) under the Payment and Settlements Act 2007.b)It is a mechanism for resolution of complaints regarding digital transactions conducted through banking and non-banking entities.c)The Ombudsman for Digital Transactions is a senior official appointed by the Reserve Bank of India.d)The appellate authority to hear complaints against the decision of the ombudsman is vested with a deputy governor of RBI.Correct answer is option 'B'. Can you explain this answer?

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Which of the following statements is not correct regarding the ‘Ombudsman Scheme for Digital Transactions’?a)It was launched by the Reserve Bank of India (RBI) under the Payment and Settlements Act 2007.b)It is a mechanism for resolution of complaints regarding digital transactions conducted through banking and non-banking entities.c)The Ombudsman for Digital Transactions is a senior official appointed by the Reserve Bank of India.d)The appellate authority to hear complaints against the decision of the ombudsman is vested with a deputy governor of RBI.Correct answer is option 'B'. 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 Which of the following statements is not correct regarding the ‘Ombudsman Scheme for Digital Transactions’?a)It was launched by the Reserve Bank of India (RBI) under the Payment and Settlements Act 2007.b)It is a mechanism for resolution of complaints regarding digital transactions conducted through banking and non-banking entities.c)The Ombudsman for Digital Transactions is a senior official appointed by the Reserve Bank of India.d)The appellate authority to hear complaints against the decision of the ombudsman is vested with a deputy governor of RBI.Correct answer is option 'B'. Can you explain this answer? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Which of the following statements is not correct regarding the ‘Ombudsman Scheme for Digital Transactions’?a)It was launched by the Reserve Bank of India (RBI) under the Payment and Settlements Act 2007.b)It is a mechanism for resolution of complaints regarding digital transactions conducted through banking and non-banking entities.c)The Ombudsman for Digital Transactions is a senior official appointed by the Reserve Bank of India.d)The appellate authority to hear complaints against the decision of the ombudsman is vested with a deputy governor of RBI.Correct answer is option 'B'. Can you explain this answer?.

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