GKwizard What is the primary function of the 'Banking Ombudsman Scheme' in India? A. To regulate the interest rates charged by banks B. To provide a forum for the redressal of grievances against banks C. To facilitate the recovery of bad loans D. To promote digital banking services Answer: Option B The Banking Ombudsman Scheme provides a cost-free and expeditious grievance redressal mechanism for customers against deficiencies in banking services.
1 The concept of 'Lead Bank Scheme' in India, introduced in 1969, primarily aimed at: A. Promoting specialized banking services B. Enhancing financial inclusion in rural areas C. Regulating the lending rates of banks D. Facilitating inter-bank transactions View Answer
2 Which of the following committees is specifically associated with recommending reforms in India's banking sector? A. Kelkar Committee B. Bhagwati Committee C. Narasimham Committee D. Tendulkar Committee View Answer
3 The term 'Financial Inclusion' in India encompasses providing access to which of the following formal financial services? A. Only credit and savings B. Only insurance and pensions C. Banking, credit, insurance, and payment services D. Only investment and advisory services View Answer
4 What is the primary function of the Reserve Bank of India (RBI) as the 'lender of last resort'? A. Providing loans to the general public during emergencies B. Offering financial assistance to banks facing temporary liquidity mismatches C. Funding the government's fiscal deficit D. Regulating non-banking financial companies (NBFCs) View Answer
5 Which of the following is NOT a type of Non-Banking Financial Company (NBFC) in India? A. Investment Company B. Housing Finance Company C. Regional Rural Bank D. Infrastructure Finance Company View Answer