The Reserve Bank of India (RBI) has successfully addressed 95% of the complaints received under the Reserve Bank-Integrated

Description

The Reserve Bank of India (RBI) has successfully addressed 95% of the complaints received under the Reserve Bank-Integrated Ombudsman Scheme (RB-IOS) between April 1, 2023, and March 31, 2024.

About Reserve Bank-Integrated Ombudsman Scheme

Launched on November 12, 2021, the Reserve Bank-Integrated Ombudsman Scheme follows the "One Nation - One Ombudsman" approach, providing a jurisdiction-neutral ombudsman mechanism under the RBI. It merges three previous RBI Ombudsman schemes: the Banking Ombudsman Scheme 2006, the Ombudsman Scheme for Non-Banking Financial Companies 2018, and the Ombudsman Scheme for Digital Transactions 2019.

Key Features

• The scheme addresses "deficiency in service" as the main basis for filing complaints, with certain exclusions.

• It has established a Centralized Receipt and Processing Centre at RBI Chandigarh to handle complaints in any language, whether physical or electronic.

• If an award is issued against a regulated entity due to insufficient or delayed information, that entity cannot appeal.

• The scheme covers a wide range of entities, including all commercial banks, non-banking financial companies (NBFCs), regional rural banks (RRBs), payment system participants, most urban cooperative banks with deposits exceeding Rupees 50 crore, and credit information companies.

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