BANKING AFFAIRS

Detailed explanation-1: -The Banking Ombudsman was appointed by virtue of the scheme framed under Section 35A of the Banking Regulation Act, 1949 ("the Act"). An Ombudsman appointed under the Scheme is obliged to regulate the working of the bank and issue directions to them to carry out the directions.

Detailed explanation-2: -The Banking Ombudsman is a senior official appointed by the Reserve Bank of India to redress customer complaints against deficiency in certain banking services covered under the grounds of complaint specified under Clause 8 of the Banking Ombudsman Scheme 2006 (As amended upto July 1, 2017).

Detailed explanation-3: -Lokpal is the Indian Ombudsman and Lokayuktas is the State Ombudsman.

Detailed explanation-4: -2. 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.