Which of the following scheme was formulated by RBI?

a. Banking Ombudsman Scheme

b. Jan Dhan Yojana

c. MUDRA Bank Yojana

d. Boutique Financing Scheme

ANSWER: Banking Ombudsman Scheme

Explanation:

Banking Ombudsman Scheme is a mechanism created by the RBI to address the complaints raised by bank customers.

It is run by the RBI directly to ensure customer protection in the banking industry.

The Banking Ombudsman Scheme was introduced under Section 35 A of the Banking Regulation Act, 1949 by RBI with effect from 1995.

The present Ombudsman scheme was introduced in 2006.

When a customer can approach the Ombudsman?

A customer can file a complaint before the Banking Ombudsman if the bank doesn’t provide a satisfactory reply to the customer within a period of one month or the bank rejects the complaint, or if the complainant is not satisfied with the reply by the bank.