BANKING AFFAIRS

Detailed explanation-1: -The BOS was notified by RBI in 1995 under Section 35A of the Banking Regulation Act, 1949. As on date, Scheduled Commercial Banks (SCBs), Scheduled Primary Urban Co-operative Banks (UCBs), Regional Rural Banks (RRBs), Small Finance Banks (SFBs) and Payment Banks (PBs) are covered under the Scheme.

Detailed explanation-2: -The Reserve Bank of India, hereby directs that all commercial banks, regional rural banks and scheduled primary co-operative banks shall comply with the Banking Ombudsman Scheme, 2006 as amended hereby.

Detailed explanation-3: -All Scheduled commercial banks, Regional Rural Banks, and Scheduled Primary Co-Operative banks are covered under the Banking Ombudsman scheme.

Detailed explanation-4: -As on date, Scheduled Commercial Banks, Scheduled Primary Urban Co-operative Banks, Regional Rural Banks (RRBs), Small Finance Banks and Payment Banks are covered under the Scheme. It is administered by RBI through 21 1 Offices of Banking Ombudsman (OBOs) covering all states and union territories.