Given below are an Assertion and a Reasoning statement under the RBI Integrated Ombudsman Scheme, 2021: RASonly + 12 Assertion (A): The Ombudsman has the authority to pass an award directing a bank to pay compensation for a loss even if the complainant has not specifically quantified the exact financial loss in the initial representation. Reasoning (R): The scheme is a quasi-judicial, inexpensive, and summary settlement mechanism where the Ombudsman is empowered to determine the extent of loss based on evidence and regulatory benchmarks. Which of the following is correct?

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Current Affairs · Banking and Finance Regulations

Verified Solution4 OptionsUpdated: October 2026👁️1 View

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Both (A) and (R) are true and (R) is the correct explanation of (A).

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Answer 1

(A) is false but (R) is true.

Answer 2

(A) is true but (R) is false.

Answer 3

Both (A) and (R) are true but (R) is not the correct explanation of (A).

Answer 4

Both (A) and (R) are true and (R) is the correct explanation of (A).

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