Integrated Ombudsman Scheme

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:

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

Need: There was a need to merge the three schemes as they had evolved over different periods of time, and had specified grounds of complaints which acted as a limiting factor. The ....