[Solved] Banking Ombudsman MCQ [Free PDF] - Objective Question Answer for Banking Ombudsman Quiz - Download Now! (2024)

1. The Banking Ombudsman is a senior official appointed by the Reserve Bank of India to redress customer complaints.
2. Only Public Sector Banks are covered under the Banking Ombudsman Scheme.
3. It is binding on the complainant to accet the award in full.
4. The Banking Ombudsman charges a nominal fee for filling and resolving customers' complaints.

The correct answer is​The Banking Ombudsman is a senior official appointed by the Reserve Bank of India to redress customer complaints.

Key Points

• The Banking Ombudsman Scheme was announced by the Reserve Bank of India in 2006.
• However, it was revised, and amended in 2007, and 2009 to provide this office a wider role in the field of customer complaints and to adjudicate.
• It came into force on January 1, 2006.
• Banking Ombudsman Scheme, 2006 is applicable to all commercial banks, all regional rural banks, and all scheduled primary cooperative banks in the country.
• This scheme extends to the whole of India.
• The complaint should be filed in writing and signed by the complainant or his/her authorized representative stating clearly, the name and address of the complainant, the name, and address of the bank’s branch or office against which the complaint is being filed, facts of the case, documentary proof, if any, along with the nature and extent of loss to the complainant be given and the relief sought.

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1. RBI
2. NABARD
3. SEBI
4. DICGC
5. None of the above

The correct answer is RBI.

Key Points

Banking Ombudsman:

• The banking ombudsman is anexpeditious and inexpensive forumfor bank customers for theresolution of complaintsrelated to certain services rendered by banks.
• The Banking ombudsman is introduced underSection 35,Banking Regulation Act, 1949by RBI with effect from 1995.
• The Banking Ombudsman is the senior officialappointed by the RBI.
• One can file a complaint infront ofthe Banking Ombudsmanif the reply is not received from the bankwithin a period of one monthafter the bank concerned has receivedone's complaint, or the bank rejects the complaint, or if the complainant is not satisfied with the reply given by the bank.
• There are currently22 officesare present of Banking Ombudsman in India and the maximum offices of Banking Ombudsman are present inNew Delhi i.e 3 offices.
• One maylodgehis/ her complaint at the office of theBanking Ombudsmanunder whose jurisdiction, the bank branch complained against is situated.
• Ombudsman can reject the complaint if the compensation is aboveRs. 20 Lakhs.
• AllScheduled commercial banks, Regional Rural Banks, and Scheduled Primary Co-Operative banksare covered under the Banking Ombudsman scheme.

Ombudsman will not consider the complaint of the complainant on certain grounds that are :

• One has not approached his bank for the redressal of hisgrievance first.
• One has not made the complaintwithin one yearfrom thedate of receiptof the reply of the bank orif no reply is received, and the complaint to Banking Ombudsman is made after the lapse ofmore than one yearandone monthfrom the date of the complaint made to the bank.

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1. It is specified under Clause 8 of the Banking Ombudsman Scheme 2006
2. This Scheme was adopted by RBI with effect from 1995
3. The Scheme includes all Scheduled Commercial Banks, Regional Rural Banks ( RRBs) and Scheduled Primary Co-operative Banks (UCBs)
4. 22 Banking Ombudsmen have been appointed, as at current.
5. All of the above

The correct answer is All of the above​.

The Banking Ombudsmanis a senior official appointed by the Reserve Bank of India to address complaints from customers about shortcomings in certain banking services.

Important Points

• TheRBIhas introduced theBanking Ombudsman Schemeto correct customer complaints about many forms of banking services offered by banks and to enhance the resolution of those complaints.
• Under theBanking Regulation Act of 1949, the Scheme was adopted byRBIwith effect from1995.
• Later, with the implementation of legislation under the2006Banking Ombudsman Program, it was legally refined and updated.In 2017 , the most recent revision was made.
• The Scheme includes all ScheduledCommercial Banks, Regional Rural Banks ( RRBs) and Scheduled Primary Co-operative Banks (UCBs).
• It isspecified underClause 8of theBanking Ombudsman Scheme 2006.
• Twenty Banking Ombudsmenhave been appointed, as at current.
• It includes allScheduled Commercial Banks,Regional Rural BanksandScheduled Primary Co-operative Banks.
• A complaint may be lodged with theBanking Ombudsmanif the reply is not received from the bankwithin one monthof the receipt of the complaint by the bank concerned, orif the complaint is rejectedby the bank concerned, orif the complainant is not satisfiedwith the reply given by the bank.
• Anappealagainst the award or the decision of the Banking Ombudsman rejecting the complaint may be broughtwithin 30 daysof the date of receipt of the award.

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1. Regional Rural Banks
2. Scheduled Commercial Banks
3. Scheduled Primary Co-operative Banks
4. Payment Banks
5. None of the above

The Correct Answer isNone of the above

• The Banking Ombudsman Scheme was implemented by the RBI to redress the complaints of customers on certain types of banking services provided by banks and to facilitate the settlement of those complaints.
• The scheme was introduced under the Banking Regulation Act of 1949 by RBI with effect from 1995. Later it was legally refined and modified through the introduction of regulations under Banking Ombudsman Scheme 2006. The latest revision was made in 2017.
• Who is the Banking Ombudsman?
• The Banking Ombudsman actually is a senior official appointed by the RBI to redress customer complaints against pitfalls in the stipulated banking services covered by the Banking Ombudsman Scheme 2006 (modifications were made in 2017).
• As on end April 2018, twenty Banking Ombudsmen have been appointed with their offices located mostly in state capitals.
• Institutions covered under the Banking Ombudsman Scheme are: All Scheduled Commercial Banks, Regional Rural Banks (RRBs) and Scheduled Primary Co-operative Banks (UCBs) are covered under the Scheme.

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1. It is responsible for solving only the loan related dispute.
2. All banks in India are covered under the scheme
3. Only private Banks are covered under this scheme
4. Only public sector banks are covered under this scheme
5. The Banking Ombudsman is a senior official appointed by the SIDBI to resolve customer complaints.

The correct answer isAll banks in India are covered under the scheme

• The RBI has introduced the Banking Ombudsman Scheme to correct customer complaints about many forms of banking services offered by banks and to enhance the resolution of those complaints.
• Under the Banking Regulation Act of 1949, the Scheme was adopted by RBI with effect from 1995.
• Later, with the implementation of legislation under the 2006 Banking Ombudsman Program, it was legally refined and updated. In 2017 , the most recent revision was made.
• The Scheme includes all Scheduled Commercial Banks, Regional Rural Banks ( RRBs) and Scheduled Primary Co-operative Banks (UCBs).
• The Banking Ombudsman is a senior official appointed by the RBI to resolve customer complaints.

Reserve Bank of India-

• TheReserve Bank of Indiais the central bank of India.
• The Reserve Bank of India was set up on the basis of the recommendations of theHilton Young Commission
• It started working onApril 1, 1935.
• The Headquarter ofRBIis inMumbai
• Present Governor isShaktikanta Das

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Banking Ombudsman Question 6

1. RBI
2. NABARD
3. SEBI
4. DICGC
5. None of the above

Banking Ombudsman Question 6 Detailed Solution

The correct answer is RBI.

Key Points

Banking Ombudsman:

• The banking ombudsman is anexpeditious and inexpensive forumfor bank customers for theresolution of complaintsrelated to certain services rendered by banks.
• The Banking ombudsman is introduced underSection 35,Banking Regulation Act, 1949by RBI with effect from 1995.
• The Banking Ombudsman is the senior officialappointed by the RBI.
• One can file a complaint infront ofthe Banking Ombudsmanif the reply is not received from the bankwithin a period of one monthafter the bank concerned has receivedone's complaint, or the bank rejects the complaint, or if the complainant is not satisfied with the reply given by the bank.
• There are currently22 officesare present of Banking Ombudsman in India and the maximum offices of Banking Ombudsman are present inNew Delhi i.e 3 offices.
• One maylodgehis/ her complaint at the office of theBanking Ombudsmanunder whose jurisdiction, the bank branch complained against is situated.
• Ombudsman can reject the complaint if the compensation is aboveRs. 20 Lakhs.
• AllScheduled commercial banks, Regional Rural Banks, and Scheduled Primary Co-Operative banksare covered under the Banking Ombudsman scheme.

Ombudsman will not consider the complaint of the complainant on certain grounds that are :

• One has not approached his bank for the redressal of hisgrievance first.
• One has not made the complaintwithin one yearfrom thedate of receiptof the reply of the bank orif no reply is received, and the complaint to Banking Ombudsman is made after the lapse ofmore than one yearandone monthfrom the date of the complaint made to the bank.

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1. 10 lakh
2. 20 lakh
3. 1 lakh
4. 5 lakh
5. None of the above

The correct answer is option (2) i.e 20 lakh.

• Banking Ombudsman is a senior official appointed by the Reserve Bank of India to redress customer complaints against deficiency in certain banking services covered under the grounds of complaint specified under Clause 8 of the Banking Ombudsman Scheme 2006.
• If within one month bank has not resolved the complainant's complaint or bank has rejected the complainant's complaint then the complainant can go to Banking Ombudsman.
• If Ombudsman satisfied with complainants complain then he can order the bank to pay his loss or maximum 20 lakh or whichever is lower.
• For compensation be claimed for mental agony and harassment - Banking Ombudsman can award a maximum amount of one lakh in such cases.
• There is a total of22Banking Ombudsman centres in India. (April 2020)

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1. 17
2. 19
3. 20
4. 21
5. 22

The correct answer is 22.

Banking Ombudsman:

• Banking ombudsman is an expeditious and inexpensive forum for bank customers for theresolution of complaints related to certain services rendered by banks.
• The banking ombudsman is introduced under the Banking Regulation Act, 1949 by RBI with effect from 1995.
• The Banking Ombudsman is the senior official appointed by the RBI.
• One can file a complaint in front ofthe Banking Ombudsman if the reply is not received from the bank within a period of one month after the bank concerned has received one's complaint, or the bank rejects the complaint, or if the complainant is not satisfied with the reply given by the bank.
• There are currently 22 offices are present of Banking Ombudsman in India and the maximum offices of Banking Ombudsman are present in New Delhi i.e 3 offices.
• One may lodge his/ her complaint at the office of the Banking Ombudsman under whose jurisdiction, the bank branch complained against is situated.
• Ombudsman can reject the complaint if the compensation is above Rs. 20 Lakhs.
• All Scheduled commercial banks, Regional Rural Banks and Scheduled Primary Co-Operative banks are covered under the Banking Ombudsman scheme.

Ombudsman will not consider the complaint of the complainant on certain grounds that are :

• One has not approached his bank for redressal of his grievance first.
• One has not made the complaint within one year from the date of receipt of the reply of the bank or if no reply is received, and the complaint to Banking Ombudsman is made after the lapse of more than one year and one month from the date of the complaint made to the bank.

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1. It is specified under Clause 8 of the Banking Ombudsman Scheme 2006
2. This Scheme was adopted by RBI with effect from 1995
3. The Scheme includes all Scheduled Commercial Banks, Regional Rural Banks ( RRBs) and Scheduled Primary Co-operative Banks (UCBs)
4. 22 Banking Ombudsmen have been appointed, as at current.
5. All of the above

The correct answer is All of the above​.

The Banking Ombudsmanis a senior official appointed by the Reserve Bank of India to address complaints from customers about shortcomings in certain banking services.

Important Points

• TheRBIhas introduced theBanking Ombudsman Schemeto correct customer complaints about many forms of banking services offered by banks and to enhance the resolution of those complaints.
• Under theBanking Regulation Act of 1949, the Scheme was adopted byRBIwith effect from1995.
• Later, with the implementation of legislation under the2006Banking Ombudsman Program, it was legally refined and updated.In 2017 , the most recent revision was made.
• The Scheme includes all ScheduledCommercial Banks, Regional Rural Banks ( RRBs) and Scheduled Primary Co-operative Banks (UCBs).
• It isspecified underClause 8of theBanking Ombudsman Scheme 2006.
• Twenty Banking Ombudsmenhave been appointed, as at current.
• It includes allScheduled Commercial Banks,Regional Rural BanksandScheduled Primary Co-operative Banks.
• A complaint may be lodged with theBanking Ombudsmanif the reply is not received from the bankwithin one monthof the receipt of the complaint by the bank concerned, orif the complaint is rejectedby the bank concerned, orif the complainant is not satisfiedwith the reply given by the bank.
• Anappealagainst the award or the decision of the Banking Ombudsman rejecting the complaint may be broughtwithin 30 daysof the date of receipt of the award.

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1. 20
2. 19
3. 21
4. 22
5. 27

The correct answer is option (4) i.e. 22

• There are total 22 Banking Ombudsman offices in India.
• The latest office opened is in New Delhi(iii).
• New Delhi has the maximum number of Banking Ombudsman offices i.e. 3.
• The Banking Ombudsman is a senior official appointed by the Reserve Bank of India to redress customer complaints against deficiency in certain banking services covered under the grounds of complaint specified under Clause 8.
• Banking Ombudsman Scheme was introduced under the provisions of the Banking Regulation Act, 1949.

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1. New Delhi
2. Mumbai
3. Kolkata
4. Chennai
5. Hyderabad

The correct answer is option (1) i.e. New Delhi.

• There are in total 22 Banking Ombudsman office.
• The latest one is at New Delhi.
• The 22centres are located in different cities viz. Ahmedabad, Bengaluru, Bhopal, Bhubaneswar, Chandigarh, Chennai, Guwahati, Hyderabad, Jaipur, Kanpur, Kolkata, Mumbai (I), Mumbai (II), New Delhi (I), New Delhi (II), New Delhi (III), Patna, Thiruvananthapuram, Dehradun, Ranchi, Raipur, and Jammu.
• The Banking Ombudsman is a senior official appointed by the Reserve Bank of India to redress customer complaints against deficiency in certain banking services covered under the grounds of complaint specified under Clause 8 of the Banking Ombudsman Scheme 2006

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1. Regional Rural Banks
2. Scheduled Commercial Banks
3. Scheduled Primary Co-operative Banks
4. Payment Banks
5. None of the above

The Correct Answer isNone of the above

• The Banking Ombudsman Scheme was implemented by the RBI to redress the complaints of customers on certain types of banking services provided by banks and to facilitate the settlement of those complaints.
• The scheme was introduced under the Banking Regulation Act of 1949 by RBI with effect from 1995. Later it was legally refined and modified through the introduction of regulations under Banking Ombudsman Scheme 2006. The latest revision was made in 2017.
• Who is the Banking Ombudsman?
• The Banking Ombudsman actually is a senior official appointed by the RBI to redress customer complaints against pitfalls in the stipulated banking services covered by the Banking Ombudsman Scheme 2006 (modifications were made in 2017).
• As on end April 2018, twenty Banking Ombudsmen have been appointed with their offices located mostly in state capitals.
• Institutions covered under the Banking Ombudsman Scheme are: All Scheduled Commercial Banks, Regional Rural Banks (RRBs) and Scheduled Primary Co-operative Banks (UCBs) are covered under the Scheme.

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1. Scheduled Commercial Banks.
2. Regional Rural Banks.
3. Scheduled Primary Co-Operative Banks.
4. All of these.
5. Both (1) and (2).

A correct answer is All of these.

Key Points

• AllScheduled commercial banks, Regional Rural Banks and Scheduled Primary Co-Operative banksare covered under the Banking Ombudsman scheme.

Additional Information

Banking Ombudsman:

• The banking ombudsman is anexpeditious and inexpensive forumfor bank customers for theresolution of complaintsrelated to certain services rendered by banks.
• The Banking ombudsman is introduced under Section 35,Banking Regulation Act, 1949by RBI with effect from 1995.
  • The Banking Ombudsman is the senior officialappointed by the RBI.
• One can file a complaint infront ofthe Banking Ombudsmanif the reply is not received from the bankwithin a period of one monthafter the bank concerned has receivedone's complaint, or the bank rejects the complaint, or if the complainant is not satisfied with the reply given by the bank.
• There are currently22 officesare present of Banking Ombudsman in India and the maximum offices of Banking Ombudsman are present inNew Delhi i.e 3 offices.
• Ombudsman can reject the complaint if the compensation is aboveRs. 20 Lakhs.

Additional Information

• Pinaki Chandra Ghoseis the current Ombudsman (Lokpal) of India.
• Scheduled Commercial Banks: Scheduled commercial banks are those banks that are registered under the second schedule of the RBI Act,1934. These include public sector banks, private sector banks, foreign banks, etc. Currently, there are 12 public sector banks in India those are :

1. State Bank of India
2. Bank of Baroda
3. Bank of India
4. Bank of Maharashtra
5. Canara Bank
6. Central Bank of India
7. Indian Bank
8. Indian Overseas Bank
9. Punjab National Bank
10. Punjab and Sind Bank
11. Union Bank of India
12. UCOBank

Important Points

• Regional Rural Banks:RRBs are established under theRBI Act,1976by the recommendation of theNarsinham committee in the year 1975.
• RRBs are governed by theNABARD. The first RRBis opened inMoradabad U.Pon2nd October 1975 named Prathama Gramin Bank, which is sponsored by theSyndicate Bank.
• RRBs are opened under the partnership of three authority those are :
  • Central Government:50%
  • State Government:15%
  • Sponsor Bank:35%
• ScheduledPrimary Co-operative Banks:
  • Primary Cooperative Banks, popularly known as Urban Cooperative Banks (UCBs) are registered as cooperative societies under the provisions of, either the State Cooperative Societies Act of the State concerned or the Multi-State Cooperative Societies Act, 2002.
  • They are regulated and supervised by the Registrar of Cooperative Societies (RCS) of State concerned or by the Central Registrar of Cooperative Societies (CRCS).
  • The Reserve Bank regulates and supervises the banking functions of UCBs under the provisions of the Banking Regulation Act, 1949(AACS).​

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1. It is responsible for solving only the loan related dispute.
2. All banks in India are covered under the scheme
3. Only private Banks are covered under this scheme
4. Only public sector banks are covered under this scheme
5. The Banking Ombudsman is a senior official appointed by the SIDBI to resolve customer complaints.

The correct answer isAll banks in India are covered under the scheme

• The RBI has introduced the Banking Ombudsman Scheme to correct customer complaints about many forms of banking services offered by banks and to enhance the resolution of those complaints.
• Under the Banking Regulation Act of 1949, the Scheme was adopted by RBI with effect from 1995.
• Later, with the implementation of legislation under the 2006 Banking Ombudsman Program, it was legally refined and updated. In 2017 , the most recent revision was made.
• The Scheme includes all Scheduled Commercial Banks, Regional Rural Banks ( RRBs) and Scheduled Primary Co-operative Banks (UCBs).
• The Banking Ombudsman is a senior official appointed by the RBI to resolve customer complaints.

Reserve Bank of India-

• TheReserve Bank of Indiais the central bank of India.
• The Reserve Bank of India was set up on the basis of the recommendations of theHilton Young Commission
• It started working onApril 1, 1935.
• The Headquarter ofRBIis inMumbai
• Present Governor isShaktikanta Das

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1. Section 30
2. Section 35
3. Section 40
4. Section 42
5. None of these

A correct answer is Section 35.

Banking Ombudsman:

• Banking ombudsman is anexpeditious and inexpensive forumfor bank customers for theresolution of complaintsrelated to certain services rendered by banks.
• The banking ombudsman is introduced underSection 35of theBanking Regulation Act, 1949by RBI with effect from 1995.
• The Banking Ombudsman is the senior officialappointed by the RBI.
• One can file a complaint infront ofthe Banking Ombudsmanif the reply is not received from the bankwithin a period of one monthafter the bank concerned has receivedone's complaint, or the bank rejects the complaint, or if the complainant is not satisfied with the reply given by the bank.
• There are currently22 officesare present of Banking Ombudsman in India and the maximum offices of Banking Ombudsman are present inNew Delhi i.e 3 offices.
• One maylodgehis/ her complaint at the office of theBanking Ombudsmanunder whose jurisdiction, the bank branch complained against is situated.
• Ombudsman can reject the complaint if the compensation is aboveRs. 20 Lakhs.
• AllScheduled commercial banks, Regional Rural Banks and Scheduled Primary Co-Operative banksare covered under the Banking Ombudsman scheme.

Ombudsman will not consider the complaint of the complainant on certain grounds that are :

• One has not approached his bank for redressal of hisgrievance first.
• One has not made the complaintwithin one yearfrom thedate of receiptof the reply of the bank orif no reply is received, and the complaint to Banking Ombudsman is made after the lapse ofmore than one yearandone monthfrom the date of the complaint made to the bank.

Note: Pinaki Chandra Ghoseis the current Ombudsman (Lokpal) of India.

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