BANKING AFFAIRS

Detailed explanation-1: -4. Which are the banks covered under the Banking Ombudsman Scheme, 2006? All Scheduled Commercial Banks, Regional Rural Banks and Scheduled Primary Co-operative Banks are covered under the Scheme.

Detailed explanation-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.

Detailed explanation-3: -All Scheduled Commercial Banks (SCB), Regional Rural Banks (RRB) and Scheduled primary co-operative banks are covered under the Banking Ombudsman. The Banking Ombudsman Scheme is introduced under Section 35 A of the Banking Regulation Act, 1949 by RBI with effect from 1995.

Detailed explanation-4: -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-5: -How many banking ombudsman are there in India ? Till date twenty-two Banking Ombudsman have been appointed with their offices under the RBI scheme (Banking Regulation Act, 1949 ). This is inclusive of all the Scheduled Commercial Banks, Regional Rural Banks and Scheduled Primary Co-operative Banks in the country.