The Banking Ombudsman Scheme was introduced under.....of the Banking Regulation Act, 1949 by RBI with effect from 1995.

BANKING GENERAL KNOWLEDGE

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

The Banking Ombudsman Scheme was introduced under____of the Banking Regulation Act, 1949 by RBI with effect from 1995.

A	Section 25A
B	Section 35A
C	Section 45A
D	Section 15A

Explanation:

Detailed explanation-1: -The Banking Ombudsman Scheme is introduced under Section 35 A of the Banking Regulation Act, 1949 by RBI with effect from 1995.

Detailed explanation-2: -INTRODUCTION: 1.1 The Banking Ombudsman Scheme, 1995 was notified by RBI on June 14, 1995 in terms of the powers conferred on the Bank by Section 35A of the Banking Regulation Act, 1949 (10 of 1949) to provide for a system of redressal of grievances against banks.

Detailed explanation-3: -The Reserve Bank had first introduced the Banking Ombudsman Scheme in 1995 to provide expeditious and inexpensive forum to bank customers for resolution of their complaints relating to deficiency in banking services.

Detailed explanation-4: -15. What happens after a complaint is received by the Banking Ombudsman? The Banking Ombudsman endeavours to promote, through conciliation or mediation, a settlement of the complaint by agreement between the complaint and the bank named in the complaint.

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