Acme Ai
A
अ
GS Paper IUPSC Prelims 2010
Banking & Financial System
Question No. 373Interactive Test Mode
00:00
+2-0.66

Q373. With reference to the institution of Banking Ombudsman in India, which one of the statements is not correct?

With reference to the institution of Banking Ombudsman in India, which one of the statements is not correct?

Select the correct option below (or cross out options to eliminate)
PrevNext Question

Official Answer Key & Detailed Solution

3D PYQ Realm

Ready to check the official UPSC Answer Key?

Click any option above to test yourself under exam conditions, or reveal the explanation directly.

Official UPSC Answer KeyUPSC Prelims 2010 • Indian Economy

Correct Answer: Option (C) — The orders passed by the Banking Ombudsman are final and binding on the parties concerned.

Concept & Option Breakdown

Standard Reference Verified

The decisions/awards of the Banking Ombudsman are not final and binding. An aggrieved party (complainant or bank) can file an appeal against the Ombudsman's decision before the Appellate Authority (a Deputy Governor of the RBI) within 30 days of receiving the award/decision.

Elimination Heuristic & Exam Approach

Statements with extreme absolutes like 'final and binding' in dispute resolution bodies are typically incorrect when appellate remedies exist.

Reviewed by Avinash Sir & Acme AI Research Team

Practice Full-Length & Sectional Prelims Mocks on this Interface

50 simulated tests in the APT Prelims Test Series (₹1,493) or 1-on-1 Mentorship with Avinash Sir.

1-on-1 MentorshipOpen Test Platform

Question Specifications & Syllabus Mapping

Examination & YearUPSC Civil Services Preliminary Examination 2010 (Q373)
Paper & Marking SchemeGS Paper I • 2 Marks (-0.66 Negative for incorrect response)
Syllabus Subject & TopicIndian Economy → Banking & Financial System
Official Answer KeyOption (C) — The orders passed by the Banking Ombudsman are final and binding on the parties concerned.

Related & Repeated Prelims PYQs (2)

Questions from other UPSC Prelims years testing the same or closely linked concept.

View Cluster in 3D Graph
2010 • Q23881% Match

With reference to the Consumer Disputes Redressal at district level in India, which one of the following statements is not correct?

Polity • Elections & Electoral SystemSolve
2021 • Q14980% Match

Consider the following statements: 1. The Governor of the Reserve bank of India (RBI) is appointed by the Central Government. 2. Certain provisions in the Cons

Indian Economy • Banking & Financial SystemSolve

More PYQs from Indian Economy (Banking & Financial System)

Master the Indian Economy syllabus cluster by practicing these related previous year questions.

View All Indian Economy PYQs
2010 • Q369Banking & Financial System

Which of the following terms indicates a mechanism used by commercial banks for providing credit to the government?

Indian EconomyPractice
2010 • Q372Banking & Financial System

In India, the interest rate on savings accounts in all the nationalized commercial banks is fixed by

Indian EconomyPractice
2010 • Q374Banking & Financial System

Consider the following statements: The functions of commercial banks in India include: 1. Purchase and sale of shares and securities on behalf of cust

Indian EconomyPractice
2004 • Q376Banking & Financial System

Consider the following statements: 1. Reserve Bank of India was nationalized on 26 January, 1950 2. The borrowing programme of the Government of India

Indian EconomyPractice
2024 • Q1Indian Economic Planning & Growth

With reference to the sectors of the Indian economy, consider the following pairs: | Economic activity | Sector | | :--- | :--- | | 1. Storage of agr

Indian EconomyPractice
2024 • Q2Indian Economic Planning & Growth

With reference to physical capital in Indian economy, consider the following pairs: | Items | Category | | :--- | :--- | | 1. Farmer’s plough | Worki

Indian EconomyPractice
2024 • Q32Agriculture & Rural Economy

With reference to the Digital India Land Records Modernisation Programme, consider the following statements: 1. To implement the scheme, the Central G

Indian EconomyPractice
2024 • Q68Industry & Infrastructure

With reference to Corporate Social Responsibility (CSR) rules in India, consider the following statements: 1. CSR rules specify that expenditures that

Indian EconomyPractice

Frequently Asked Questions — UPSC Prelims 2010 Q373

What is the official answer for UPSC Prelims 2010 GS Paper I Question 373 (Indian Economy)?

The official UPSC answer key for this 2010 Indian Economy (Banking & Financial System) question is Option (C): "The orders passed by the Banking Ombudsman are final and binding on the parties concerned.". Correct attempts carry 2 Marks with -0.66 Negative penalty for wrong answers.

Which UPSC Prelims syllabus topic does this 2010 question belong to?

This question belongs to GS Paper I under the subject "Indian Economy" and micro-topic "Banking & Financial System". You can explore all repeated questions from Banking & Financial System in Acme AI's 3D Prelims PYQ Realm or practice 50 full-length and sectional tests in the APT Prelims Test Series.

How can I solve this Banking & Financial System UPSC Prelims question using option elimination?

Statements with extreme absolutes like 'final and binding' in dispute resolution bodies are typically incorrect when appellate remedies exist.

Beyond Previous Year Questions

Structured Prelims Practice & Mentorship

Pair previous year question analysis with full-length simulated mock tests and 1-on-1 faculty guidance.

APT 2027 • 50 Prelims Tests17% OFF

Acme Prelims Test Series (APT)

Built to eliminate 1/3rd negative marking losses and 50–50 option traps through structured simulation and NCERT-backed keys.

  • 50 High-Yield Tests: Subject Sectionals, Current Affairs, CSAT Paper II & Full-Length Simulators
  • 1/3rd Penalty & Trap Analytics: Identify whether marks are lost to over-attempting or conceptual gaps
  • Option-by-Option NCERT Keys: Detailed distractor analysis and elimination logic for every question
  • Custom PDF-to-Mock Generator: Convert your revision notes or current affairs PDFs into practice tests
Complete 50-Test Package
₹1,493₹1,799• Valid till Prelims 2027
Explore APT Test SeriesTry Free Mock
1-on-1 Personal MentorshipCapped at 10 Seats

1-on-1 UPSC Mentorship with Avinash Sir

Weekly 1-on-1 strategy reviews, daily study accountability, and personalized MCQ attempt audits with an experienced UPSC mentor.

  • Weekly 1-on-1 Sessions: Direct mentorship with Avinash Sir (Former Plutus IAS Mentor, UPSC & UPPCS Mains Written)
  • APT 50-Test Series Included: Full Prelims GS1 & CSAT test series bundled at no additional cost
  • Mock Attempt & Elimination Audit: Question-by-question review to calibrate your risk and attempt accuracy
  • Prelims & Integrated Tracks: Available as dedicated Prelims mentorship or end-to-end Prelims + Mains guidance
Prelims & Integrated Tracks
17% OFF• Includes APT 50-Test Series
Explore 1-on-1 MentorshipCompare Tracks
Previous QuestionSome species of plants are insectivorous. Why?
Next QuestionMon 863 is a variety of maize. It was in the news for the following reason: