Reserve Bank Integrated Ombudsman Scheme : Report
As per a recent report 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.
- The complaints pertained to mobile/electronic banking, loans and advances, ATM/debit cards, credit cards, pension payments, remittances, and para banking, among others.
RESERVE BANK INTEGRATED OMBUDSMAN SCHEME (RB-IOS):
- The Reserve Bank Integrated Ombudsman Scheme (RB-IOS) was launched on November 12, 2021.
- This scheme integrates the three erstwhile Ombudsman schemes of the Reserve Bank of India (RBI), namely:Banking Ombudsman Scheme 2006, Ombudsman Scheme for Non-Banking Financial Companies 2018,Ombudsman Scheme for Digital Transactions
- The RB-IOS aims to provide cost-free redress of customer complaints involving ‘deficiency in service’ on the part of entities regulated by the RBI.
- If these complaints are not resolved to the satisfaction of the customers or not replied to within a period of 30 days by the regulated entity, the scheme steps in.
- The scheme also includes under its ambit additional Regulated Entities (REs), namely, Non-Scheduled Primary (Urban) Co-operative Banks with a deposit size of ₹50 crore and above and Credit Information Companies.
- The scheme adopts a ‘One Nation One Ombudsman’ approach by making the RBI’s Ombudsman mechanism jurisdiction neutral.
Features:
- The grounds for filing a complaint are defined as “deficiency in service”, with a specified list of exclusions.
- A Centralized Receipt and Processing Centre has been set up at RBI, Chandigarh, for handling physical and email complaints in any language.
- The responsibility of representing the regulated entity and furnishing information lies with the Principal Nodal Officer
- Regulated entities cannot appeal when an Award is issued by the Ombudsman against them for not providing satisfactory and timely information/documents.
