Integrated Ombudsman Scheme 2021

On 12th November, 2021, the Reserve Bank of India (RBI) launched Integrated Ombudsman Scheme (IOS).

It aims to improve the grievance redress mechanism for resolving customer complaints against entities such as banks, NBFCs and payment service operators regulated by the RBI.

The scheme integrates the existing three Ombudsman schemes of RBI:

  • The Banking Ombudsman Scheme, 2006
  • The Ombudsman Scheme for Non-Banking Financial Companies, 2018
  • The Ombudsman Scheme for Digital Transactions, 2019.

Need

  • One of the key issues was the absence of maintainable grounds on which a consumer might challenge a regulated entity's activities at the ombudsman or a complaint's rejection on technical grounds, leading ....
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