Question

    The Banking Ombudsman Scheme is introduced under which of the following sections in Banking Regulation Act, 1949?

    A Section 35A Correct Answer Incorrect Answer
    B Section 40A Correct Answer Incorrect Answer
    C Section 30A Correct Answer Incorrect Answer
    D Section 25A Correct Answer Incorrect Answer
    E Section 35B Correct Answer Incorrect Answer

    Solution

    The Banking Ombudsman Scheme is an expeditious and inexpensive forum for bank customers for resolution of complaints relating to certain services rendered by banks. The Banking Ombudsman Scheme is introduced under Section 35 A of the Banking Regulation Act, 1949 by RBI with effect from 1995. 

    Practice Next