Multiple Choice Questions on Consider the following statements about the Banking Ombudsman Scheme 1 All commercial banks having 1........... for UPSC Civil Services Examination (General Studies) Preparation

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Multiple Choice Questions

Consider the following statements about the Banking Ombudsman Scheme 1 All commercial banks having 1...........

Economic Affairs Types of Banks and Banking
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    Consider the following statements about the Banking Ombudsman Scheme

    1. All commercial banks having 10 or more banking outlets must have an independent Internal Ombudsman (IO) to review customer complaints

    2. The maximum tenure of the IO is five years and he/ she is eligible for reappointment.

    Which of the statement(s) is/ are true?

    1  only

    Correct Answer

     2 only

    Incorrect Answer

    Both 1 and 2

    Incorrect Answer

    Neither 1 nor 2

    Incorrect Answer
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    Explanation:

    • The Internal Ombudsman Scheme of 2018 mandates banks to grant IO, a fixed term of three to five years, which cannot be renewed.
    • The IO can be removed only with prior approval from RBI.

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