Question

Which Banks are covered under the sector of Banking Ombudsman Scheme?

• A. All scheduled co-operative banks
• B. Public sector banks
• C. Regional rural banks
• D. All of these

Hint:

The Banking Ombudsman Scheme helps resolve complaints related to banking services, ensuring fair treatment of customers.

Answer 1

The Correct Option is D

Step 1: Understanding the Banking Ombudsman Scheme:
The Banking Ombudsman Scheme is an initiative by the Reserve Bank of India (RBI) to address customer complaints against banks. It applies to all commercial banks, scheduled banks, regional rural banks, and co-operative banks.
Step 2: Types of Banks Covered:
- Scheduled co-operative banks: These banks, being scheduled under the Reserve Bank of India Act, are included in the scheme.
- Public sector banks: These are banks in which the government has a majority stake, and they are also covered under the Ombudsman Scheme.
- Regional rural banks: These banks serve rural areas and are also included in the scheme.
Step 3: Conclusion:
The Banking Ombudsman Scheme covers all these types of banks, making option (D) the correct answer.