Reserve Bank of India widens scope of Banking Ombudsman Scheme

Posted on:24 Jun 2017 13:06:41
Reserve Bank of India widens scope of Banking Ombudsman Scheme
24 June 2017 Current Affairs:

  • The central bank has extended the scope of Banking Ombudsman Scheme.

  • As per the amendment, the pecuniary jurisdiction of the Banking Ombudsman to pass an award is doubled to 20 lakh rupees.

  • The Reserve Bank extended the scope of Banking Ombudsman Scheme under which banks could be penalized for mis-spelling third-party products like insurance and mutual funds via mobile or electronic banking.


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