Grievance Redressal & RBI Integrated Ombudsman Scheme 2021
Chapter notes, video classes, MCQ practice tests and quick-revision one-liners for Principles and Practices of Banking — JAIIB.
One-liners from this chapter
Free sample — 8 of 49 rapid-fire Q&A cards.
What is "deficiency in service"?
means a shortcoming, or an inadequacy in any financial service, which the RE is required to provide statutorily or otherwise — and which may or may not result in financial loss to the customer.
1?
Complaint not on grounds defined under the scheme
2?
Compensation sought is for indirect / consequential loss only (other than the up-to-₹1 lakh "mental agony" component)
3?
Complaint pertains to a dispute already settled or pending before any court, tribunal, arbitrator or forum
4?
Complaint of the same cause of action already dealt with on merits by an Ombudsman previously
5?
Complaint is frivolous or vexatious
6?
RE has not been given an opportunity to redress within 30 days from receipt of complaint
7?
Complaint filed after expiry of 1 year from RE's reply, or where no reply, 1 year + 30 days from filing with RE
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