Question :
What is the role of the Ombudsman in a bank?
Option 1:
To provide quality and speedy redressal of grievances of customers
Option 2:
To provide suggestions for innovative schemes in the banks
Option 3: To inspect the internal working of the branches
Option 4: To monitor the poverty alleviation programmes undertaken by or implemented by the bank
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Correct Answer:
To provide quality and speedy redressal of grievances of customers
Solution : The correct answer is To provide quality and speedy redressal of the grievances of customers .
A Banking Ombudsman serves as an independent mediator and issues solutions for bank clients. Their role is to accept and resolve client complaints and disputes against banks. They enable dialogue between the consumer and the bank, intending to reach an equitable settlement. The Reserve Bank of India originally announced the Banking Ombudsman Scheme in 1995 following Section 35A of the Banking Regulation Act of 1949.
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