Short Article

30-01-2025 | 16:02 PM

RBI Ombudsman Scheme

The Reserve Bank of India’s Integrated Ombudsman Scheme witnessed a significant rise in complaints during the year ending March 2024, with a 32.81% increase.

Key Highlights

• RBI Ombudsman Scheme was launched in 2021 to efficiently resolve customer grievances related to services provided by the Regulated Entities of RBI. 
• It integrated three existing RBI Ombudsman schemes into one unified system. 
  • Banking Ombudsman Scheme, 2006
  • Ombudsman Scheme for Non-Banking Financial Companies, 2018, and
  • Ombudsman Scheme for Digital Transactions, 2019.
• Aim: It aims to resolve customer complaints against regulated entities regarding deficiencies in services provided by the regulated entities.  
• Coverage: The scheme covers all Commercial Banks, Regional Rural Banks, Non-Banking Financial Companies (NBFCs), Payment System Participants, Primary (urban) Cooperative Banks, Non-Scheduled Primary (urban) Cooperative Banks with deposits above ₹50 crore, and Credit Information Companies (CICs).

Advantages

• Enhanced Customer Service.
• Faster and efficient grievance resolution.
• Broader accessibility and transparency.

About RBI Ombudsman

• An RBI Ombudsman is a senior official appointed by the RBI to redress customers’ complaints about service deficiencies.