The Banking Ombudsman Scheme is an expeditious and inexpensive forum for bank customers for resolution of complaints relating to certain services rendered by banks. The Banking Ombudsman can receive and consider any complaint relating to which of the following deficiency in banking services?

1. Non-adherence to prescribed working hours of banks

2. Refusal to open deposit accounts without any valid reason for refusal

3. Levying of charges without adequate prior notice to the customer

4. Forced closure of deposit accounts without due notice or without sufficient reason

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A company is registered as a NBFC by RBI if its principal business is conducting financial activity. What does conducting financial activity as “principal business” mean?

NBFCs perform functions akin to that of banks, however there are a few differences between them that include

1) An NBFC cannot accept demand deposits.

2) Deposit insurance facility is not available for NBFC depositors.

3) NBFCs need not be registered with the RBI.

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What are Systematically Important Banks (D- SIBs) as recognized by the Reserve Bank of India?

1) These banks are exempt from CRR and SLR regulations.

2) These are perceived as perceived as ‘Too Big to Fail (TBTF) banks.

3) The RBI determines a cut-off score beyond which banks are considered as D-SIBs.

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Liquidity Adjustment Facility (LAF) is aimed at