📝 One-liners · 65 cards
OMBUDSMAN SCHEME
What is the Banking Ombudsman Scheme?
The Banking Ombudsman Scheme is an expeditious and inexpensive forum for bank customers to resolve complaints relating to deficiency in banking services, established by the Reserve Bank of India under Section 35A of the Banking Regulation Act, 1949.
Which year was the Reserve Bank – Integrated Ombudsman Scheme (RB-IOS) launched?
RB-IOS was launched in November 2021.
Under which Act is the Banking Ombudsman Scheme notified?
The Banking Ombudsman Scheme is notified under Section 35A of the Banking Regulation Act, 1949.
How many years of service can a Banking Ombudsman hold office?
Banking Ombudsman holds office for three years.
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