Amendment status not verified — confirm the current text below against the official source.
(1) "award" means an award passed by the Banking Ombudsman in accordance with the Scheme. (2) "authorised representative" means a person duly appointed and authorised by, a complainant or a party to an arbitration proceeding, as the case may be, to act on his behalf and represent him, in the proceedings under the Scheme before a Banking Ombudsman for consideration of his complaint, claim or counter claim. (3) "Banking Ombudsman" means any person appointed under clause 4 of the Scheme. (4) "bank" means a banking company and includes a 'corresponding new bank', "Regional Rural Bank', 'State Bank of India', 'Subsidiary Bank' as defined in Part I of the Banking Regulation Act, 1949 (Act 10 of 1949) and also includes a 'Scheduled Primary Co-operative Bank' as included in the Second Schedule of the Reserve Bank of India Act, 1934, having a place of business in India whether such bank is incorporated in India or outside India. (5) "claim" will have the same meaning as is provided on Chapter V of the Scheme. (6) "complaint" means a representation in writing containing a grievance alleging deficiency in banking service as mentioned in clause 12 of the Scheme. (7) "Review Authority" is the Deputy Governor in charge of Rural Planning and Credit Department of the Reserve Bank, who shall review the award of a Banking Ombudsman, subject to satisfaction of the issues raised before him and shall also be responsible for implementing such award as per the Scheme. (8) "Reserve Bank" means the Reserve Bank of India constituted under Section 3 of the Reserve Bank of India Act, 1934 (2 of 1934). (9) "the Scheme" means the Banking Ombudsman Scheme, 2002. (10) "Secretariat" means the office constituted as per sub-clause (1) of clause 9 of the Scheme. (11) "settlement" means an agreement reached by the parties either by conciliation or mediation by the Banking Ombudsman under clause 15 of the Scheme.