Banking · Grievance Redressal and Regulatory Framework
Identify the correct statement(s) regarding the implementation of the Internal Ombudsman (IO) mechanism in commercial banks as per RBI guidelines. Statement 1: As per the RBI directives, scheduled commercial banks having 10 or more banking outlets are required to appoint an Internal Ombudsman. Statement 2: The IO mechanism is designed to automatically review only those retail complaints that have been partly or wholly rejected by the bank's internal grievance redressal setup before a final rejection is communicated. Statement 3: Retail banking operations and back-offices must provide all necessary data including CBS logs, call recordings, and statements to the IO to facilitate an independent review. Which of the options below represents the correct set of statements?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Only Statements 1 and 2 are correct.
- 2Only Statements 2 and 3 are correct.
- 3Statements 1, 2, and 3 are correct.✓
- 4Only Statement 2 is correct.
Correct answer
Statements 1, 2, and 3 are correct.
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