41 - Banking Ombudsman Scheme

Banking Awareness Multiple Choice Questions (MCQs) and Answers with explanation on Banking Ombudsman Scheme for IBPS Bank PO, IBPS Bank Clerical, RRB PO and Clerical, SBI PO and SBI Clerical, IBPS Recruitments, RBI Grade B and RBI Bank

1. Banking Ombudsman may award compensation to the complainant for mental agony and harassment upto how much amount?

[A] 1 lakh
[B] 2 lakh
[C] 3 lakh
[D] 5 lakh

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2. The Banking Ombudsman Scheme is introduced under which of the following sections in Banking Regulation Act, 1949?

[A] Section 25 A
[B] Section 30 A
[C] Section 40 A
[D] Section 35 A

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3. Banking Ombudsman is a senior official appointed by the RBI to redress customer complaint specified under which clause of the Banking Ombudsman Scheme 2006?

[A] Clause 7
[B] Clause 6
[C] Clause 8
[D] Clause 5

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4. How many Banking Ombudsmen have been appointed?

[A] 20
[B] 10
[C] 15
[D] 18

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5. Which are the banks covered under the Banking Ombudsman Scheme, 2006?

[A] Scheduled Commercial Banks
[B] Regional Rural Banks
[C] Scheduled Primary Co-operative Banks
[D] All of these

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6. The Banking Ombudsman charge how much fee for filing and resolving customers’ complaints?

[A] No Fee
[B] Rs. 100
[C] Rs. 200
[D] Rs. 500

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7. What is the limit on the amount of compensation as specified in an Award?

[A] Rs. 15 lakh
[B] Rs. 20 lakh
[C] Rs. 18 lakh
[D] Rs. 10 lakh

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8. One can file the appeal against the decision of the Banking Ombudsman rejecting the complaint within how many days of the date of receipt of the Award?

[A] 25 days
[B] 18 days
[C] 15 days
[D] 30 days

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9. If a complaint is not settled by an agreement within a period of ____ month, the Banking Ombudsman proceeds further to pass an Award.

[A] 2
[B] 1
[C] 4
[D] 12

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10. The Banking Ombudsman Scheme was introduced under which of the following acts?

[A] Banking Regulation Act, 1935
[B] Banking Regulation Act , 1949
[C] Banking Regulation Act, 1985
[D] None of The Above

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