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.

Significance: It will enable the customers to file their complaint from anywhere at any time through portal or email, or through physical mode at one point of receipt, without the need to ....