RBI Integrated Ombudsman Scheme

RBI Integrated Ombudsman Scheme Latest News

According to the RBI’s Annual Report, the complaints registered under the Reserve Bank of India’s Integrated Ombudsman Scheme (RB-IOS) were up by 13.55 per cent in FY25.

About RBI Integrated Ombudsman Scheme

• It was launched on November 12, 2021.
• It integrated the erstwhile three Ombudsman schemes of RBI namely: the Banking Ombudsman Scheme, 2006, the Ombudsman Scheme for Non-Banking Financial Companies, 2018 and the Ombudsman Scheme for Digital Transactions, 2019.
• It adopted the ‘One Nation One Ombudsman’ approach by making the RBI Ombudsman mechanism jurisdiction neutral.
• Objective: To provide customers of regulated entities (REs) a speedy, cost-effective and expeditious alternate grievance redress mechanism.

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Features of RBI Integrated Ombudsman Scheme

• It defines ‘deficiency in service’ as the ground for filing a complaint, with a specified list of exclusions.
• Covered Banks: It covers all commercial banks, Non-Banking Financial Companies (NBFCs), RRBs, Payment System Participants, most Primary (Urban) Cooperative Banks with a deposit size of ₹50 crore and Credit Information Companies.
• A Centralised Receipt and Processing Centre has been set up at RBI, Chandigarh, for receipt and initial processing of physical and email complaints in any language.
• Under this scheme, compensation up to Rupees 20 lakh, in addition to, up to 1 lakh for the loss of the complainant’s time, expenses incurred and for harassment/mental anguish suffered by the complainant can be awarded.

Source: BS