CAIIB · Banking Regulations & Business Laws · Module C — Important Acts/Laws & Legal Aspects of Banking Operations, Part B
CAIIB BRBL Unit 15 — Reserve Bank – Integrated Ombudsman Scheme, 2021: Free MCQs with Explanations
By Swarnakshi Jha (ex-banker) · Updated 29 October 2026 · Paper IV of the December 2026 cycle (Sunday 20 December 2026)
This is the free practice page for CAIIB BRBL Unit 15 — Reserve Bank – Integrated Ombudsman Scheme, 2021 (Module C — Important Acts/Laws & Legal Aspects of Banking Operations, Part B). The CAIIB Mock Centre holds 176 questions on this unit alone, every one with a why-right / why-wrong explanation; below are the facts examiners keep returning to, five practice questions with explanations, and the traps that cost marks.
2021 or 2026? The IIBF textbook covers RB-IOS 2021, which RB-IOS 2026 replaced from 1 July 2026, after the exam's 30 June 2026 cut-off (see “Changed since the textbook” below). The questions below follow the 2021 scheme, as the exam does.
BRBL · Module C176 MCQs in the Mock Centre5 free belowPaper on 20 December
Key facts examiners test from this unit
Background and coverage — three ombudsman schemes became one on 12 November 2021, covering banks, larger NBFCs, system participants and credit information companies; RB-IOS 2026 replaces it from 1 July 2026.
Definitions — a complaint alleges deficiency in service, with or without loss, against a regulated entity; appeals go to an RBI Executive Director.
Ombudsman, offices and the CRPC — RBI officers serve as Ombudsman for up to three years at a time; complaints are filed online or sent to the CRPC, all free of cost.
Changed since the textbook
RB-IOS 2026 issued (16 Jan 2026). After a draft of 7 October 2025, the RBI issued the Reserve Bank – Integrated Ombudsman Scheme, 2026, in force from 1 July 2026, superseding RB-IOS 2021. Source: RBI press release
90-day window; co-op banks in (16 Jan 2026). Under RB-IOS 2026 a complaint must reach the Ombudsman within 90 days after the entity's reply period or last reply; State and Central Co-operative Banks are covered. Source: TaxGuru
5 free practice questions — tap an option
Five practice questions from this unit. Answers lock on the first tap, exactly as in the exam, and an explanation opens underneath. The Mock Centre has all 176 questions on this unit, from easy to tough, with caselets and key-in numericals, why every other option is wrong and the exam tip — and tracks your score and revision dates.
Question 1 of 5
Which of these is excluded from the NBFCs covered by RB-IOS 2021?
Why (c): Core investment companies, IDF-NBFCs, NBFC-IFCs and HFCs are excluded. (a) is wrong: Large NBFCs with customer interface are covered. (b) is wrong: Deposit-taking NBFCs are covered whatever their size. (d) is wrong: Some NBFCs are excluded.
Question 2 of 5
What is the Appellate Authority Secretariat?
Why (b): Clause 3(1)(b): the RBI department administering the Scheme; it processes appeals. (a) is wrong: No judges' panel is involved. (c) is wrong: The PNO represents the entity. (d) is wrong: The Secretariat exists.
Question 3 of 5
What must a bank do each time a customer operates his locker, under the RBI's 2021 locker rules?
Why (a): The RBI's locker instructions require banks to send an e-mail and SMS alert to the hirer's registered contacts on the date and time of each operation of the locker, to guard against unauthorised access. (b) is wrong: The bank does not record or inspect the contents. (c) is wrong: Contents are not inspected by the bank. (d) is wrong: Operations are not charged per visit under these rules.
Question 4 of 5
What may the Ombudsman infer if the entity withholds information without cause?
Why (a): The Ombudsman may draw an inference that the entity has no information to furnish. (b) is wrong: The inference runs against the entity. (c) is wrong: An inference may be drawn. (d) is wrong: Fraud is not presumed.
Question 5 of 5
What may an award direct besides compensation?
Why (d): Clause 15(3): directions for specific performance of the entity's obligations. (a) is wrong: Specific performance may be directed. (b) is wrong: The Ombudsman cannot order imprisonment. (c) is wrong: Fines are not awarded.
0 of 5 answered.
Traps in this unit
The ₹50 crore test applies only to non-scheduled UCBs.
Loss is not needed for a deficiency in service.
A system provider is not a system participant.
Practise all 176 questions on Unit 15. The free CAIIB demo opens Units 1–2 of every paper with full explanations; the BRBL Online Mock Centre unlocks all 5,800+ BRBL questions, the full-length papers with caselets and key-ins, module mocks and Smart Revision for 18 months (₹1,499).
Independent study aid — not affiliated with, endorsed by, or sponsored by the Indian Institute of Banking & Finance (IIBF). Exam pattern, dates, fees and passing criteria are set by IIBF — always confirm the current rules at iibf.org.in. CAIIB content follows rules and developments up to IIBF's cut-off of 30 June 2026 (where a rule changed later, the update box says so); verify from official sources before relying on them in practice.