Current Affairs · Banking Schemes
Read the given passage and answer the question that follows. 'X' scheme will now directly include District Central Cooperative Banks (DCCBs) and State Cooperative Banks (StCBs), expanding grievance redressal coverage to the cooperative sector. Previously, the scheme covered only commercial banks, NBFCs, and a limited set of regulated financial entities. This marks the first time that rural cooperative banks have been brought under RBI’s direct consumer grievance redressal mechanism. The reform is expected to enhance consumer protection and accountability at the grassroots banking level in rural India. Additionally, RBI will reexamine the licensing framework for urban cooperative banks (UCBs), which has seen a moratorium since 2004 because of supervisory and governance issues. Which scheme is referred to as 'X' in the given paragraph?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1RBI’s Financial Literacy Week (FLW)
- 2RBI’s Banking Ombudsman Scheme (RB-BOS)
- 3RBI’s Payment and Settlement Systems Scheme
- 4RBI’s Integrated Ombudsman Scheme (RB-IOS)✓
Correct answer
RBI’s Integrated Ombudsman Scheme (RB-IOS)
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