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Question

Which scheme/act has enables an expeditious and inexpensive forum to bank customers for resolution of complaints relating to certain services rendered by banks?
  1. Reserve Bank of India Act, 1934
  2. Banking Regulation Act, 1949
  3. Securitization Act 2002

  4. FEMA

  5. Banking Ombudsman Scheme


Solution

The correct option is E Banking Ombudsman Scheme
The Banking Ombudsman Scheme enables an expeditious and inexpensive forum to 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.

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