Choose the incorrect statement regarding the Reserve Bank of India Integrated Ombudsman Scheme 2021?
1
The scheme shall only apply to the Entity/s under the provisions of the Reserve Bank of India Act, 1934 & the Banking Regulation Act, 1949.
2
The appointment of Ombudsman shall be for a period not exceeding three years at a time.
3
The complaints can be filed through electronic, online and physical mode.
4
The Scheme integrates the Banking Ombudsman Scheme 2006, the Ombudsman Scheme for NBFCs 2018, and the Ombudsman Scheme for Digital Transactions, 2019.
5
The Executive Director in charge of the Consumer Education and Protection Department(CEPD) of RBI would be the Appellate Authority under the Scheme.