Banking & Finance MCQs

A key feature of the Integrated Ombudsman Scheme is to provide a single point of reference for customers to file complaints, making the process simpler and more accessible, regardless of the specific financial product or service.

The 'One Nation-One Ombudsman' approach under the Integrated Ombudsman Scheme integrates the three existing ombudsman schemes of RBI – the Banking Ombudsman Scheme, the Ombudsman Scheme for Non-Banking Financial Companies, and the Ombudsman Scheme for Digital Transactions – into one.

The RBI introduced the 'Integrated Ombudsman Scheme' to simplify and streamline the grievance redressal process for customers across various regulated entities, including those related to digital payments.

The Reserve Bank of India (RBI) is the central banking institution of India and is responsible for regulating and supervising banks, including issuing guidelines on cybersecurity.

The enhanced framework typically includes strengthening IT governance, improving incident response mechanisms, and building overall cyber resilience to protect against sophisticated cyberattacks.

The primary objective of RBI's enhanced cybersecurity framework is to fortify the financial system against evolving cyber threats and ensure the safety and security of customer data.

AI adoption is expected to streamline banking operations, improve fraud detection, and provide personalized customer services.

The RBI emphasizes transparency, fairness, and accountability in AI algorithms to prevent bias in financial decision-making.

The framework aims to guide banks in adopting AI technologies while mitigating risks related to data privacy and ethics.

The e-Rupee operates on Distributed Ledger Technology (DLT), commonly known as blockchain, to ensure secure transactions.