04-04-2024 | 12:38 PM
The number of complaints filed under the Reserve Bank’s Ombudsman Schemes increased by over 68 per cent to 7.03 lakh in the fiscal 2022-23.
Key Highlights
Objective: To resolve the customer grievances involving ‘deficiency in service’ on the part of REs in a speedy, cost-effective and satisfactory manner.
(i) The RBI-Integrated Ombudsman Scheme was introduced on November 12, 2021.
(ii) It integrates the erstwhile three Ombudsman schemes of RBI namely,
(a) the Banking Ombudsman Scheme, 2006;
(b) the Ombudsman Scheme for Non-Banking Financial Companies, 2018;
(c) the Ombudsman Scheme for Digital Transactions, 2019
(iii) The Scheme simplifies the Grievance Redress Process at RBI by enabling the customers of Regulated Entities (REs) to register their complaints at one centralised reference point.
(iv) It covers all commercial banks, Non-Banking Financial Companies (NBFCs), Payment System Participants, most Primary (Urban) Cooperative Banks, and Credit Information Companies.
RBI Ombudsman
An RBI Ombudsman is a senior official of RBI appointed by RBI to redress the complaints from customers of the REs against “deficiency in service”.
