1. Under which section of the Banking Regulation Act was the Banking Ombudsman Scheme introduced?
A. Section 20
B. Section 21
C. Section 45
D. Section 35A
The Banking Ombudsman Scheme was introduced by the Reserve Bank of India (RBI) under Section 35A of the Banking Regulation Act.
2. The Banking Ombudsman Scheme is applicable to which of the following types of banks?
A. Scheduled Commercial Banks
B. Private Sector Banks
C. Foreign Banks
D. All of the above
The Banking Ombudsman Scheme is applicable to all Scheduled Commercial Banks, including Private Sector Banks and Foreign Banks.
3. Who appoints the Banking Ombudsman, and for how long is the appointment?
A. RBI; for 3 years
B. Government of India; for 2 years
C. RBI; for 5 years
D. SEBI; for 3 years
The Banking Ombudsman is appointed by the Reserve Bank of India (RBI) for a period of 3 years.
4. What type of complaints does the Banking Ombudsman handle?
A. Deficiency in service in deposit accounts
B. Non-adherence to RBI guidelines on advances
C. Issues related to internet banking
D. All of the above
The Banking Ombudsman handles complaints related to deficiency in service in deposit accounts, non-adherence to RBI guidelines on advances, issues related to internet banking, and more.
5. What is the first step a complainant must take before approaching the Banking Ombudsman?
A. File a complaint with the bank
B. File a complaint with the police
C. File a complaint with SEBI
D. Approach the consumer court directly
Before approaching the Banking Ombudsman, the complainant must first file a complaint with the concerned bank and wait for a response or resolution.
6. What is the time frame within which a complainant can approach the Banking Ombudsman if they are dissatisfied with the bank's response?
A. Within 15 days of receiving the bank's response
B. Within 30 days of receiving the bank's response
C. Within 60 days of receiving the bank's response
D. Within 90 days of receiving the bank's response
A complainant can approach the Banking Ombudsman within 30 days of receiving an unsatisfactory response from the bank or if no response is received within one month.
7. Which of the following is NOT within the scope of the Banking Ombudsman Scheme?
A. Complaints about deposit accounts
B. Complaints about internet banking
C. Complaints about non-adherence to RBI guidelines on advances
D. Complaints about stock market transactions
Complaints about stock market transactions are not within the scope of the Banking Ombudsman Scheme, which primarily deals with banking services.
8. Who can file a complaint with the Banking Ombudsman?
A. Only individual customers
B. Only business entities
C. Any aggrieved customer, whether an individual or entity
D. Only government bodies
Any aggrieved customer, whether an individual or a business entity, can file a complaint with the Banking Ombudsman.
9. What happens if the Banking Ombudsman’s decision is not accepted by the complainant?
A. The decision is final and binding
B. The complainant can appeal to the RBI
C. The complainant can approach a higher authority within the bank
D. The complainant can appeal to the Appellate Authority
If the complainant is not satisfied with the Banking Ombudsman’s decision, they can appeal to the Appellate Authority, usually a Deputy Governor of the RBI.
10. Which of the following is true about the Banking Ombudsman Scheme?
A. It is a cost-free redressal mechanism for customers
B. The complainant must pay a fee to file a complaint
C. Only high-value complaints are accepted
D. It is only for complaints against public sector banks
The Banking Ombudsman Scheme provides a cost-free redressal mechanism for customers of scheduled commercial banks, private sector banks, and foreign banks in India.
11. How long does a complainant have to accept the award given by the Banking Ombudsman?
A. 15 days
B. 30 days
C. 45 days
D. 60 days
The complainant should accept the award within 30 days of receiving the copy of the award.
12. What should a bank do if the complainant accepts the award given by the Banking Ombudsman?
A. Ignore the award
B. Implement the award within 1 month and inform the Banking Ombudsman
C. File an appeal against the award
D. Send a revised offer to the complainant
If the complainant accepts the award, the bank should implement the award within 1 month of receiving acceptance and inform the Banking Ombudsman.
13. What action can a complainant take if they do not agree with the Ombudsman’s award?
A. Accept the award and request for modification
B. File an appeal to the Appellate Authority
C. Reapply to the same Ombudsman
D. Approach the RBI directly
If the complainant does not agree with the Ombudsman’s award, they can file an appeal to the Appellate Authority (Deputy Governor, RBI) within 30 days.
14. Who can file an appeal against the Ombudsman’s award on behalf of the bank?
A. Any bank employee
B. The bank’s customer service department
C. The bank's CMD, ED, or CEO with prior sanction
D. Any senior officer of the bank
The appeal against the Ombudsman’s award can only be filed by the bank with the prior sanction of the CMD, ED, or CEO of the bank.
15. What should a bank do if it fails to implement the award given by the Banking Ombudsman?
A. Ignore the non-implementation
B. Report the non-implementation to the Customer Service Committee of the Board and disclose it in the balance sheet
C. Reapply for a new award
D. File a complaint with RBI
If the bank fails to implement the award, it must report the non-implementation to the Customer Service Committee of the Board and disclose it in the balance sheet.
16. Which banks are covered under the Banking Ombudsman Scheme?
A. Only Scheduled Commercial Banks
B. Only Private Sector Banks
C. All Scheduled Commercial Banks, including Private Sector Banks and Foreign Banks
D. Only Public Sector Banks
The Banking Ombudsman Scheme applies to all Scheduled Commercial Banks, including Private Sector Banks and Foreign Banks.
17. Who is responsible for appointing the Ombudsman under the Banking Ombudsman Scheme?
A. The Government of India
B. The Reserve Bank of India (RBI)
C. The Finance Ministry
D. The Indian Banking Association
The Ombudsman is appointed by the Reserve Bank of India (RBI).
18. What role does the Banking Ombudsman play in the complaint resolution process?
A. Judge
B. Arbitrator with mutual consent
C. Mediator with binding decisions
D. Legal advisor
The Banking Ombudsman acts as an arbitrator with mutual consent, working to resolve disputes through agreement.
19. What is the maximum award amount for mental agony under the Banking Ombudsman Scheme?
A. Rs 50,000
B. Rs 2 lakh
C. Rs 1 lakh
D. Rs 5 lakh
The maximum award amount for mental agony under the Banking Ombudsman Scheme is Rs 1 lakh.
21. What types of deficiencies in service can be addressed by the Banking Ombudsman?
A. Issues related to loan disbursement and delay in credit card processing
B. Issues unrelated to banking services but affecting customer experience
C. Complaints about general service quality in non-banking sectors
D. None of the above
The Banking Ombudsman addresses deficiencies related to deposit services, loan disbursement, credit card processing, and other banking services.
22. Can a complaint be filed regarding issues not related to banking services but affecting customer experience?
A. Yes, all customer experience issues can be addressed
B. No, only issues directly related to banking services are covered
C. Only issues related to customer service quality in other sectors
D. Only complaints about banking services are considered
The Ombudsman Scheme covers complaints related to deficiencies in banking services and does not extend to issues unrelated to banking services.
23. What types of credit card issues are covered under the Banking Ombudsman Scheme?
A. Disputes over fraudulent transactions
B. Disputes regarding late fee charges
C. Issues related to credit limit and billing errors
D. All of the above
The Banking Ombudsman Scheme covers disputes related to fraudulent transactions, late fee charges, credit limit issues, and billing errors on credit cards.
24. What steps should a bank take if it receives a complaint directly from a customer before it reaches the Ombudsman?
A. Ignore the complaint
B. Forward the complaint to the Ombudsman immediately
C. Address the complaint internally before escalation
D. Request the customer to directly contact the Ombudsman
The bank should address the complaint internally before it reaches the Ombudsman, as per the procedure outlined in the Banking Ombudsman Scheme.
25. What is the impact on the customer if a complaint is resolved favorably by the Ombudsman?
A. The customer receives financial compensation or resolution of the issue
B. The customer receives a formal apology from the bank
C. The customer is advised on future actions to take
D. No impact on the customer
If a complaint is resolved favorably by the Ombudsman, the customer typically receives financial compensation or resolution of the issue.
26. Under the Integrated Ombudsman Scheme, 2021, where are complaints assigned for further examination?
A. To the Centralised Receipt and Processing Centre
B. To the Offices of the Ombudsman
C. To the Nodal Offices based on territorial jurisdiction
D. To the Bank's internal complaint handling department
Complaints submitted under the Integrated Ombudsman Scheme, 2021 are assigned to the Offices of the Ombudsman for further examination.
27. What is the maximum timeline for submission of a reply to the Banking Ombudsman?
A. 7 days
B. 15 days
C. 30 days
D. 45 days
The timeline for submission of a reply to the Banking Ombudsman is 15 days.
28. What actions can the Banking Ombudsman take after verifying the replies submitted by both parties?
A. Reject the complaint
B. Pass an advisory
C. Pass an award
D. All of the above
The Banking Ombudsman may reject the complaint, pass an advisory, or pass an award after verifying the replies submitted by both parties.
29. What is the appellate authority for filing an appeal against the Banking Ombudsman's award?
A. Executive Director in-Charge of the Department of the Reserve Bank
B. Chairman of the Bank
C. Chief Executive Officer of the Bank
D. Managing Director of the Bank
The appellate authority for filing an appeal against the Banking Ombudsman's award is the Executive Director in-Charge of the Department of the Reserve Bank.
30. Who has the authority to accord permission to a bank to file an appeal against an Ombudsman's award?
A. Chairman or Managing Director / Chief Executive Officer
B. Executive Director or Official of equal rank
C. Chief Financial Officer
D. Compliance Officer
The competent authority to accord permission to a bank to file an appeal against an Ombudsman's award includes the Chairman, Managing Director / Chief Executive Officer, or in their absence, the Executive Director / Official of equal rank.
31. Under the Integrated Ombudsman Scheme, 2021, what happens if a bank does not respond to the Ombudsman’s request within the stipulated time?
A. The Ombudsman will automatically reject the complaint
B. The Ombudsman may pass an award based on available information
C. The Ombudsman will extend the timeline for submission
D. The Ombudsman will escalate the complaint to the central authority
If a bank does not respond to the Ombudsman’s request within the stipulated time, the Ombudsman may pass an award based on the available information.
32. What is the centralised body responsible for processing complaints under the Integrated Ombudsman Scheme, 2021?
A. Centralised Receipt and Processing Centre
B. Regional Processing Centre
C. Ombudsman’s Central Office
D. National Complaints Handling Centre
Complaints are processed by the Centralised Receipt and Processing Centre under the Integrated Ombudsman Scheme, 2021.
33. If a bank's written version is not submitted within the stipulated time, what can the Banking Ombudsman do?
A. Automatically reject the complaint
B. Pass an award based on the available information
C. Extend the time for submission indefinitely
D. Forward the complaint to the Appellate Authority
If the bank's written version is not submitted within the stipulated time, the Banking Ombudsman may pass an award based on the available information.
34. Under the Integrated Ombudsman Scheme, 2021, what happens if the complainant does not accept the award within 30 days?
A. The award becomes invalid
B. The complaint is automatically rejected
C. The award is binding on the bank
D. The complainant can appeal to the Appellate Authority
If the complainant does not accept the award within 30 days, the award is not binding on the bank unless the complainant accepts it within the stipulated period.
