As per the amendment, the pecuniary jurisdiction of the Banking Ombudsman to pass an award has been doubled to.....rupees.

BANKING GENERAL KNOWLEDGE

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

As per the amendment, the pecuniary jurisdiction of the Banking Ombudsman to pass an award has been doubled to____rupees.

A	20 lakh rupees
B	10 lakh rupees
C	25 lakh rupees
D	50 lakh rupees

Explanation:

Detailed explanation-1: -The pecuniary jurisdiction of the Banking Ombudsman to pass an Award has been increased from existing rupees one million to rupees two million.

Detailed explanation-2: -The Banking Ombudsman may award compensation not exceeding ₹ 1 lakh (₹ One Hundred Thousand) to the complainant for mental agony and harassment.

Detailed explanation-3: -However, for any consequential loss suffered by the complainant, the Ombudsman shall have the power to provide a compensation up to Rupees 20 lakh, in addition to, up to Rupees One lakh for the loss of the complainant’s time, expenses incurred and for harassment/mental anguish suffered by the complainant.

Detailed explanation-4: -The amount, if any, to be paid by the bank to the complainant by way of compensation for any loss suffered by the complainant is limited to the amount arising directly out of the act or omission of the bank or ₹ 20 lakhs (₹ Two Million), whichever is lower.

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