Reserve Bank – Integrated Ombudsman Scheme (RB-IOS), 2021

The Reserve Bank of India (RBI), in March 2024, released the Annual Report of the Ombudsman Scheme 2022-23, the first stand-alone report under the Reserve Bank – Integrated Ombudsman Scheme (RB-IOS), 2021.

Key Findings

  • Complaints: ~7 lakh complaints were received, a 68.24% increase from the previous year.
  • Digital Complaints: 85.64% of complaints were submitted via digital platforms.
  • Disposal Rate: 98% of cases were resolved within an average of 33 days.
  • Banks as Major Defaulters: 83.78% of complaints were against banks.
  • Common Issues:
    • Fraudulent digital transactions due to weak fraud prevention.
    • Delayed reversal of failed transactions.
    • Miscommunication from Digital Lending Apps (DLAs) regarding loan terms.
    • Inadequate pension issue resolution ....
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