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UPSC 2010: With reference to the institution of Banking Ombudsman in India, which one of the statements is not correct ?
(a)The Banking Ombudsman is appointed by the Reserve Bank of India
(b)The Banking Ombudsman can consider complaints from Non-Resident Indians having accounts in India
(c)The orders passed by the Banking Ombudsman are final and binding on the parties concerned
(d)The service provided by the Banking Ombudsman is free of any fee
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Not attemptedCorrect Answer: (c) The orders passed by the Banking Ombudsman are final and binding on the parties concerned
RBI appoints the Banking Ombudsman and the service is free; NRIs with Indian accounts can file complaints. However, the Ombudsman’s award is appealable to the Deputy Governor of RBI, so it is not ‘final and binding’—making option (c) the incorrect statement. ([thelaw.institute](https://thelaw.institute/business-law-as-applicable-to-co-operative-ii/appeal-banking-ombudsman-decisions/?utm_source=openai))
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What is the correct answer to this UPSC 2010 Indian Economy question?▼
The correct answer is option (c): The orders passed by the Banking Ombudsman are final and binding on the parties concerned. Watch the detailed video explanation in our Sherlocking Prelims course on UnlockIAS.
Which year was this Banking & Financial Sector question asked in UPSC Prelims?▼
This question was asked in UPSC CSE Prelims 2010, GS Paper 1, as Question 137. It falls under Indian Economy > Banking & Financial Sector.
What is the difficulty level of this UPSC question?▼
This question is rated "moderate". It requires sound conceptual understanding of the topic.
How many UPSC Prelims questions have been asked from Banking & Financial Sector?▼
UPSC has asked 48 questions from Banking & Financial Sector (under Indian Economy) across multiple years. Visit the topic page to see the full list and year-wise trends.