Economics · Economy
Which of the following statements about the Banking Ombudsman Scheme in India is correct?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1The Banking Ombudsman charges a nominal fee for filing and resolving customers' complaints.
- 2It is legally binding on the complainant to accept the award in full without any route for appeal.
- 3Only Public Sector Banks are covered under the Banking Ombudsman Scheme.
- 4The Banking Ombudsman is a senior official appointed by the Reserve Bank of India to redress customer complaints.✓
Correct answer
The Banking Ombudsman is a senior official appointed by the Reserve Bank of India to redress customer complaints.
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