BANKING AFFAIRS

Detailed explanation-1: -To start with, when the BC model was introduced in January 2006, the entities permitted to act as BCs included NGOs/ MFIs set up under Societies/ Trust Acts, Societies registered under Mutually Aided Cooperative Societies Acts or the Cooperative Societies Acts of States; Section 25 companies and post offices.

Detailed explanation-2: -Banking Ombudsman is a quasi judicial authority created in 2006, and the authority was created pursuant to a decision made by the Government of India to enable resolution of complaints of customers of banks relating to certain services rendered by the banks.

Detailed explanation-3: -The correct answer is 1969. In 1969 the Lead Bank Scheme introduced by the Reserve Bank of India.

Detailed explanation-4: -The Banking Ombudsman Scheme is introduced under Section 35 A of the Banking Regulation Act, 1949 by RBI with effect from 1995. Presently the Banking Ombudsman Scheme 2006 (As amended upto July 1, 2017) is in operation.

Detailed explanation-5: -(8) ‘the scheme’ means the Banking Ombudsman Scheme, 2006. (9) ‘secretariat’ means the office constituted as per Sub-Clause (1) of Clause 6 of the Scheme. (10) ‘settlement’ means an agreement reached by the parties either by conciliation or mediation under Clause 11 of the Scheme.