The correct answer is: A. 1998.
The Banking Ombudsman Scheme was introduced by the Reserve Bank of India (RBI) with effect from 1 April 1998. The scheme provides a mechanism for redressal of grievances of customers of banks. The Ombudsman is an independent authority who is appointed by the RBI to hear complaints from customers of banks. The Ombudsman has the power to award compensation to customers who have been wronged by banks.
The Banking Ombudsman Scheme is a voluntary scheme. This means that banks are not required to participate in the scheme. However, most banks do participate in the scheme. The scheme is open to all customers of banks, including individuals, businesses, and non-profit organizations.
To file a complaint with the Banking Ombudsman, a customer must first approach the bank with the complaint. If the bank does not resolve the complaint to the customer’s satisfaction, the customer can then file a complaint with the Ombudsman. The Ombudsman will investigate the complaint and make a decision on whether or not the bank has wronged the customer. If the Ombudsman finds that the bank has wronged the customer, the Ombudsman will award compensation to the customer.
The Banking Ombudsman Scheme is a valuable tool for customers of banks. The scheme provides a quick and easy way for customers to get their grievances resolved. The scheme is also free of charge for customers.
The following are the options for the question:
A. 1998
B. 1995
C. 2001
D. 2005
Option A is the correct answer. The Banking Ombudsman Scheme was introduced by the RBI with effect from 1 April 1998.
Option B is incorrect. The Banking Ombudsman Scheme was not introduced in 1995.
Option C is incorrect. The Banking Ombudsman Scheme was not introduced in 2001.
Option D is incorrect. The Banking Ombudsman Scheme was not introduced in 2005.