About RBI Integrated Ombudsman Scheme:
- It was launched in 2021.
- Objective: To provide customers of Regulated Entities (REs) a speedy, cost-effective and expeditious alternate grievance redress mechanism.
- It integrated 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 adopted ‘One Nation One Ombudsman’ approach by making the RBI Ombudsman mechanism jurisdiction neutral.
- Features of RBI Integrated Ombudsman Scheme
- It defines ‘deficiency in service’ as the ground for filing a complaint, with a specified list of exclusions.
- Covered Banks: 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.
- 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.
- Under this scheme, compensation up to Rupees 20 lakh, in addition to, up to 1 lakh for the loss of the complainant’s time, expenses incurred and for harassment/mental anguish suffered by the complainant can be awarded.
