Which one of the following is correct?
1. The Banking Ombudsman scheme has nothing to do with the procedings of recovery of debts due to banks and financial institutions.
2. The Banking Omdudsman facilitates a borrower to settle his grievance about non-sanction of credit facilities
3. The Recovery tribunal's power is not more than that of the Banking Ombudsman
4. The Banking Omdudsman's award is binding on the banks in all cases