22-02-2021 | 14:53 PM
One Nation One Ombudsman Approach
• The Reserve Bank of India (RBI) has announced that it will integrate the consumer grievances redressal under a single ombudsman as opposed to the three grievance redressal schemes working at present.
Key Points:
• RBI will adopt the 'One Nation One Ombudsman' strategy to make the alternative conflict redress process clearer and more accessible to consumers.
• The mechanism would include all customers from banks, NBFCs and non-bank issuers of prepaid payment instruments.
• The framework of the E-Integrated Ombudsman will be launched in June 2021.
