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(THE GIST OF PIB) Reserve Bank-Integrated Ombudsman Scheme

(JANUARY-2025)

The Reserve Bank of India (RBI) resolved 95 per cent of complaints received under the Reserve Bank-Integrated Ombudsman Scheme (RB-IOS) between April 1, 2023, and March 31, 2024.

It was launched on November 12, 2021.
It adopts ‘One Nation - One Ombudsman’ approach by making the RBI’s Ombudsman mechanism jurisdiction neutral.
It integrates the erstwhile three Ombudsman schemes of RBI namely: the Banking Ombudsman Scheme, 2006, the Ombudsman Scheme for Non-Banking Financial Companies, 2018 and the Ombudsman Scheme for Digital Transactions, 2019.

It defines ‘deficiency in service’ as the ground for filing a complaint, with a specified list of exclusions. A deficiency of service is a shortcoming or an inadequacy in the financial service or some other service related to it that the Regulated Entities (RE) is supposed to provide.
A Centralised Receipt and Processing Centre has been set up at RBI, Chandigarh, for receipt and initial processing of physical and email complaints in any language.
The regulated entity will not have any right to appeal in cases where an award is issued by the ombudsman against it for not furnishing satisfactory and timely information.
Banks covered: It covers all commercial banks, Non-Banking Financial Companies (NBFCs), RRBs, Payment System Participants, most Primary (Urban) Cooperative Banks with a deposit size of ₹50 crore and Credit Information Companies.