Banking · Banking Ombudsman Scheme
What is the primary objective of the Banking Ombudsman Scheme?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1To impose penalties on banks for non-compliance with RBI guidelines.
- 2To provide a cost-free, expeditious forum for the satisfactory resolution of complaints relating to the provision of banking services.✓
- 3To handle customer complaints regarding products of the capital market.
- 4To act as a civil court to settle disputes between banks and customers.
Correct answer
To provide a cost-free, expeditious forum for the satisfactory resolution of complaints relating to the provision of banking services.
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