Which of the following statement s is are correct regarding Banking Ombudsman 1 The Ombudsman is a s...........

Economic Affairs Financial Institutions

Which of the following statement(s) is/are correct regarding Banking Ombudsman?

1. The Ombudsman is a senior official, who has been appointed by the Reserve Bank of India to address grievances and complaints from customers, pertaining deficiencies in banking services.

2. It covers all kinds of banks including public sector banks, Private banks, Rural banks as well as co-operative banks.

Code:

1 only

2 only

Both 1 and 2

none of the above

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Explanation:

Banking ombudsman is a quasi judicial authority
It is created to resolve customer complaints against banks relating to certain services provided by them.
The Ombudsman is a senior official, who has been appointed by the Reserve Bank of India to address grievances and complaints from customers, pertaining deficiencies in banking services.
It covers all kinds of banks including public sector banks, Private banks, Rural banks as well as co-operative banks

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