Current Affairs · Banking and Finance Regulations
Under the Integrated Ombudsman Scheme, 2021, which of the following scenarios constitutes a 'deficiency in service' for which an Ombudsman can pass an award against a remitting bank?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Failure of the bank to provide a detailed explanation and reasons for the rejection of a loan application within the timeframe promised in its Fair Practices Code.✓
- 2Delay in reversing a failed UPI transaction beyond the prescribed timeline where the primary fault lies entirely with the beneficiary bank's server.
- 3Inability of the bank to process a cheque through the Grid-based Cheque Truncation System due to a government-ordered regional internet shutdown.
- 4Rejection of a customer's request for premature withdrawal of a fixed deposit because the customer refused to pay the pre-agreed penalty clause.
Correct answer
Failure of the bank to provide a detailed explanation and reasons for the rejection of a loan application within the timeframe promised in its Fair Practices Code.
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