Amendment status not verified — confirm the current text below against the official source.
(1) The Banking Ombudsman shall exercise general powers of superintendence and control over his office and shall be responsible for the conduct of business thereat, (2) The Banking Ombudsman shall have the power to incur expenditure on behalf of the office. In order to exercise such power, the Banking Ombudsman will draw up an annual budget for his office in consultation with the Reserve Bank and shall exercise the powers of expenditure within the approved budget. The Reserve Bank will indicate the share of expenditure to be borne by the concerned banks. (3) The Banking Ombudsman shall send to the Governor, Reserve Bank, by the 31st May every year, a report containing a general review of the activities of his office during the preceding financial year and shall furnish such other information as the Reserve Bank may direct. (4) The Reserve Bank may, if it considers necessary in the public interest so to do, publish the report and the information received from the Banking Ombudsman in such consolidated form or otherwise as it deems fit.