(1)The Reserve Bank may on the recommendation of a Selection Committee of four persons constituted by its Governor appoint one or more persons to be known as Banking Ombudsman to carry out the functions entrusted to him by or under the Scheme.(2)The Committee referred to in sub-clause (1) of this Clause shall consist of;(a)all the three Deputy Governors of the Reserve Bank; and(b)the Additional Secretary (Financial Sector), Department of Economic Affairs as a Special Invitee.(3)The minimum age of the person to be considered by the said Committee for appointment, as Banking Ombudsman shall be 55 years.(4)The appointment of Banking Ombudsman under this Clause may be made for a period not exceeding three years.Provided that the tenure of a Banking Ombudsman, may subject to the recommendation of the Committee referred to in sub-clause (1), be extended for further period not exceeding two years subject to an overall age limit of 65 years.(5)The Banking Ombudsman appointed under sub-clause (1) shall devote his whole-time to the affairs of his office, provided that the Reserve Bank may, if in its opinion it is considered to be necessary so to do, permit the Banking Ombudsman to undertake such part-time honorary work, as is not likely to interfere with his duties under the Scheme.(6)Where the Governor is satisfied that in the public interest or for the reason of incapacity of the Banking Ombudsman, it is necessary so to do, he may for reasons to be recorded in writing and by giving him three months' notice or by paying three months' consolidated emoluments in lieu of the notice period, remove any Banking Ombudsman from his office.
