Banking Ombudsman Scheme was announced in ______.

1947

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1950

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1995

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1965

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Solution

The correct option is B 1995
The banking ombudsman scheme was introduced by RBI under section 35 A of the Banking Regulation Act, 1949 with effect from 1995. Under this scheme, a banking ombudsman who is a senior official is appointed. He/she handles and redresses the customer complaints against deficiency in certain banking services.

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