Question

With reference to the institution of Banking Ombudsman in, India, which one of the statements is not correct? 

(a) The Banking Ombudsman is appointed by the Reserve Bank of India 

(b) The Banking Ombudsman can, consider complaints from Non Resident Indians having accounts in India. 

(c) The orders passed by the Banking Ombudsman are final and binding on the parties concerned 

(d) The service provided by the Banking Ombudsman is free of any fee

Answer 1

(c) Banking Ombudsman is a quasi judicial authority functioning under India’s Banking Ombudsman Scheme 2006, and was created pursuant to the a decision by the Government of India to enable resolution of complaints of customers of banks relating to certain services rendered by the banks. The Banking Ombudsman Scheme was first introduced in India in 1995, and was revised in 2002. The current scheme became operative from 1st January 2006, and replaced and superseded the banking Ombudsman Scheme of 2002.