Appellate Authority for Appeals against Banking Ombudsman's Award

The correct answer is option C, which states that one of the Deputy Governors of RBI is the appellate authority to which an appeal can be filed against any award of the Banking Ombudsman.

The Banking Ombudsman Scheme is an initiative of the Reserve Bank of India (RBI) that provides a quick and cost-effective platform to address grievances and complaints of customers against their banks. It aims to promote transparency, accountability, and customer-centricity in the banking sector.

The Banking Ombudsman is an independent and impartial authority appointed by the RBI to resolve disputes between banks and their customers. The Ombudsman investigates complaints related to banking services, such as non-payment or delay in payment of cheques, non-adherence to prescribed working hours, failure to provide services as promised, and any unfair practices followed by the bank.

However, if a customer is dissatisfied with the decision or award given by the Banking Ombudsman, they have the right to appeal against it. The appeal has to be filed with the Appellate Authority, which is one of the Deputy Governors of RBI.

The Deputy Governors of RBI are senior officials responsible for various functions within the central bank. They are appointed by the Government of India and assist the Governor in formulating and implementing monetary policy, supervising banks and financial institutions, and maintaining financial stability.

The specific Deputy Governor designated as the Appellate Authority may vary from time to time. The appeal has to be submitted in writing within 30 days from the date of receipt of the award from the Banking Ombudsman. The appeal should clearly state the grounds on which it is being made and provide all relevant supporting documents.

The Appellate Authority reviews the grounds for appeal, examines the evidence presented, and takes a decision on whether to uphold, modify, or set aside the award of the Banking Ombudsman. The decision of the Appellate Authority is final and binding on both the bank and the customer.

It is important for customers to be aware of their rights and options when it comes to resolving banking disputes. The Banking Ombudsman Scheme provides an accessible and efficient mechanism for addressing grievances, and the availability of an appellate authority ensures that customers have an avenue for further recourse if they are not satisfied with the initial decision.