BANKING GENERAL KNOWLEDGE
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Detailed explanation-1: -If a complaint is not settled by an agreement within a period of month, the Banking Ombudsman proceeds further to pass an Award. Explanation: If a complaint is not settled by an agreement within a period of 1 month, the Banking Ombudsman proceeds further to pass an Award.
Detailed explanation-2: -28. What happens if the complaint is not settled by agreement? If the Ombudsman is satisfied that there is deficiency of service on the part of the RE and the complaint is not settled by agreement within a specified period as allowed by the Ombudsman, the RBI Ombudsman may pass an Award, if applicable.
Detailed explanation-3: -What happens if the complaint is not settled by agreement? If a complaint is not settled by an agreement within a period of one month, the Banking Ombudsman proceeds further to pass an Award.
Detailed explanation-4: -(1) If a complaint is not settled by agreement within a period of one month from the date of receipt of the complaint or such further period as the Banking Ombudsman may allow the parties, he may, after affording the parties a reasonable opportunity to present their case, pass an Award or reject the complaint.
Detailed explanation-5: -(2) The appointment of Banking Ombudsman under the above Clause may be made for a period not exceeding three years at a time. (1) The office of the Banking Ombudsman shall be located at such places as may be specified by the Reserve Bank.