BANKING AFFAIRS

Detailed explanation-1: -An RBI Ombudsman is a senior official of RBI appointed by RBI to redress the complaints from customers of the REs against “deficiency in service”, as defined under Clause 3(1)(g) of the RB-IOS, 2021.

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. All Scheduled Commercial Banks, Regional Rural Banks and Scheduled Primary Co-operative Banks are covered under the Scheme. Q.

Detailed explanation-3: -Any executive of the rank of General Manager or the Chief General Manager or other suitable authority is eligible to be appointed as the Banking Ombudsman. The period of office of an Ombudsman is 3 years. It is a service without any fees or charges.

Detailed explanation-4: -(1) The Reserve Bank may appoint one or more of its officers in the rank of Chief General Manager or General Manager to be known as Banking Ombudsmen to carry out the functions entrusted to them by or under the Scheme.

Detailed explanation-5: -K.S.M.T. Asmathullah has been appointed as the ombudsman for the redressal of grievances under the Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS) for Krishnagiri. The appointment of an ombudsman has been made in compliance with Section 27 of the MGNREGS Act, according to the administration.