The Scheme shall apply to the services provided by a Regulated Entity in India to its customers under the provisions of the Reserve Bank of India Act, 1934, the Banking Regulation Act, 1949, and the Payment and Settlement Systems Act, 2007. “Regulated Entity” means a Bank or a Non-Bank...
2. Has the Banking Ombudsman Scheme come into effect? The Scheme has come into force from January 1, 2006. 3. Who is a Banking Ombudsman? The Banking Ombudsman is person appointed by the Reserve Bank of India to redress customer complaints against certain deficiency in banking services. ...