{"id":16149,"date":"2025-12-04T12:12:27","date_gmt":"2025-12-04T06:42:27","guid":{"rendered":"https:\/\/vajiramandravi.com\/current-affairs\/?p=16149"},"modified":"2025-12-04T13:55:19","modified_gmt":"2025-12-04T08:25:19","slug":"rb-ios","status":"publish","type":"post","link":"https:\/\/vajiramandravi.com\/current-affairs\/rb-ios\/","title":{"rendered":"RBI Integrated Ombudsman Scheme"},"content":{"rendered":"<h2><b>RBI Integrated Ombudsman Scheme Latest News<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">According to the RBI\u2019s Annual Report, the complaints registered under the Reserve Bank of India\u2019s Integrated Ombudsman Scheme (RB-IOS) were up by 13.55 per cent in FY25.<\/span><\/p>\n<h2><b>About RBI Integrated Ombudsman Scheme<\/b><\/h2>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">It was launched on <\/span><b>November 12, 2021.<\/b><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">It integrated the erstwhile three Ombudsman schemes of RBI namely: the <\/span><b>Banking Ombudsman Scheme, 2006<\/b><span style=\"font-weight: 400;\">, the <\/span><b>Ombudsman Scheme for Non-Banking Financial Companies, 2018 <\/b><span style=\"font-weight: 400;\">and the <\/span><b>Ombudsman Scheme for Digital Transactions, 2019.<\/b><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">It adopted the \u2018<\/span><b>One Nation One Ombudsman\u2019 approach<\/b><span style=\"font-weight: 400;\"> by making the RBI Ombudsman mechanism jurisdiction neutral.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Objective:<\/b><span style=\"font-weight: 400;\"> To provide customers of <\/span><b>regulated entities<\/b><span style=\"font-weight: 400;\"> (REs) a speedy, cost-effective and expeditious <\/span><b>alternate grievance redress mechanism.<\/b><\/li>\n<\/ul>\n<h2><b>Features of RBI Integrated Ombudsman Scheme<\/b><\/h2>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">It defines <\/span><b>\u2018deficiency in service\u2019<\/b><span style=\"font-weight: 400;\"> as the ground for filing a complaint, with a specified list of exclusions.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Covered Banks:<\/b><span style=\"font-weight: 400;\"> It covers all <\/span><b>commercial banks,<\/b> <a href=\"https:\/\/vajiramandravi.com\/current-affairs\/what-is-a-non-banking-financial-company-nbfc\/\" target=\"_blank\"><b>Non-Banking Financial Companies<\/b><\/a><span style=\"font-weight: 400;\"> (NBFCs), RRBs, Payment System Participants, most Primary (Urban) Cooperative Banks with a deposit size of \u20b950 crore and Credit Information Companies.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">A <\/span><b>Centralised Receipt and Processing Centre<\/b><span style=\"font-weight: 400;\"> has been set up at RBI, Chandigarh, for receipt and initial processing of physical and email complaints in any language.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Under this scheme, compensation up to <\/span><b>Rupees 20 lakh<\/b><span style=\"font-weight: 400;\">, in addition to, up to <\/span><b>1 lakh<\/b><span style=\"font-weight: 400;\"> for the loss of the complainant\u2019s time, expenses incurred and for harassment\/mental anguish suffered by the complainant can be awarded.<\/span><\/li>\n<\/ul>\n<p><b>Source:<\/b> <strong><a href=\"https:\/\/www.business-standard.com\/finance\/news\/rbi-ombudsman-complaints-fy25-rise-loans-credit-cards-125120101346_1.html\" target=\"_blank\" rel=\"nofollow noopener\">BS<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>RBI Integrated Ombudsman Scheme was launched on November 12, 2021. Read more about Reserve Bank-Integrated Ombudsman Scheme, Objective, Features, News.<\/p>\n","protected":false},"author":5,"featured_media":76343,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[21,4022,22,23],"class_list":{"0":"post-16149","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-upsc-prelims-current-affairs","8":"tag-prelims-pointers","9":"tag-rbi-integrated-ombudsman-scheme","10":"tag-upsc-current-affairs","11":"tag-upsc-prelims-current-affairs","12":"no-featured-image-padding"},"acf":[],"_links":{"self":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts\/16149","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/comments?post=16149"}],"version-history":[{"count":0,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts\/16149\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/media\/76343"}],"wp:attachment":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/media?parent=16149"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/categories?post=16149"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/tags?post=16149"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}