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With reference to the institution of Banking Ombudsman in, India, which one of the statements is not correct?
[2010]
- 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?
Most Upvoted Answer
With reference to the institution of Banking Ombudsman in, India, whic...
The Banking ombudsman Scheme is an expeditious and inexpensive forum for bank customers for resolution of complaints relating to certain services rendered by banks.
Any person aggrieved by the decision of the Banking Ombudsman can approach the Appellate Authority. The Appellate Authority is vested with a Deputy Governor of the RBI.
Any person aggrieved by the decision of the Banking Ombudsman can approach the Appellate Authority. The Appellate Authority is vested with a Deputy Governor of the RBI.
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Community Answer
With reference to the institution of Banking Ombudsman in, India, whic...
The Banking Ombudsman in India
The Banking Ombudsman is an important institution established to resolve customer complaints against banks in India. Understanding its functions and limitations is crucial.
Correct Statement Analysis
- Appointment by RBI: The Banking Ombudsman is indeed appointed by the Reserve Bank of India, ensuring an impartial mechanism for addressing banking grievances.
- Complaints from NRIs: The ombudsman can consider complaints from Non-Resident Indians (NRIs) who have accounts in India, extending the facility to a broader customer base.
- Service Fee: The services provided by the Banking Ombudsman are free of any fee, making it accessible for all customers to seek redress without financial burden.
Incorrect Statement Clarification
- Final and Binding Orders: The statement that the orders passed by the Banking Ombudsman are final and binding on the parties concerned is incorrect. While the decisions are generally accepted, they are not legally enforceable. Either party can approach the courts if they are unsatisfied with the ombudsman’s decision, making it a non-binding resolution process.
Conclusion
Understanding the functions of the Banking Ombudsman is essential for effective utilization. While it serves as a significant platform for grievance redressal, the non-binding nature of its orders underscores the need for awareness regarding further legal recourse if necessary.
The Banking Ombudsman is an important institution established to resolve customer complaints against banks in India. Understanding its functions and limitations is crucial.
Correct Statement Analysis
- Appointment by RBI: The Banking Ombudsman is indeed appointed by the Reserve Bank of India, ensuring an impartial mechanism for addressing banking grievances.
- Complaints from NRIs: The ombudsman can consider complaints from Non-Resident Indians (NRIs) who have accounts in India, extending the facility to a broader customer base.
- Service Fee: The services provided by the Banking Ombudsman are free of any fee, making it accessible for all customers to seek redress without financial burden.
Incorrect Statement Clarification
- Final and Binding Orders: The statement that the orders passed by the Banking Ombudsman are final and binding on the parties concerned is incorrect. While the decisions are generally accepted, they are not legally enforceable. Either party can approach the courts if they are unsatisfied with the ombudsman’s decision, making it a non-binding resolution process.
Conclusion
Understanding the functions of the Banking Ombudsman is essential for effective utilization. While it serves as a significant platform for grievance redressal, the non-binding nature of its orders underscores the need for awareness regarding further legal recourse if necessary.
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With reference to the institution of Banking Ombudsman in, India, which one of the statements is not correct?[2010]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 Indiac)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 UPSC 2025 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about With reference to the institution of Banking Ombudsman in, India, which one of the statements is not correct?[2010]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 Indiac)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 UPSC 2025 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 not correct?[2010]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 Indiac)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 not correct?[2010]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 Indiac)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 UPSC 2025 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about With reference to the institution of Banking Ombudsman in, India, which one of the statements is not correct?[2010]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 Indiac)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 UPSC 2025 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 not correct?[2010]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 Indiac)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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