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