SSC Economics Sample Paper NCERT Sample Paper-7

  • question_answer
    Consider the following statements regarding banking ombudsman Scheme in India:
    1. The Banking Ombudsman Scheme was first introduced in India in 1996, and was revised in 2002.
    2. The current scheme became operative from 1st January 2006, and replaced and superseded the banking Ombudsman Scheme 2002.
    3. Banking Ombudsman is a quasi-judicial authority functioning under India's Banking Ombudsman Scheme 2006, and the authority 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.
    Of these statements

    A)  1, 2 and 3 are correct      

    B)  2 and 3 are correct

    C)  1 and 2 are correct        

    D)  1 and 3 are correct

    Correct Answer: B

    Solution :

    [b] The Banking Ombudsman Scheme is introduced under Section 35 A of the Banking Regulation Act 1949 by RBI with effect from 1995 and was revised in 2002. The Banking Ombudsman is a senior official appointed by the Reserve Bank of India to redress customer complaints against deficiency in certain banking services. All Scheduled Commercial Banks, Regional Rural Banks and Scheduled Primary Co-operative Banks are covered under the Scheme. Appellate Authority is vested with a Deputy Governor of the RBI

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