RB-IOS 2026, a scheme for resolving customer grievances in relation to services provided by entities regulated by RBI, will come into effect from July 1, 2026.
Key Features of RB-IOS 2026
- Aim: To provide a cost-effective, expeditious, non-adversarial alternate grievance redress mechanism for the resolution of complaints against Regulated Entities.
- RBI Ombudsman: RBI may appoint one or more of its officers as RBI Ombudsman and RBI Deputy Ombudsman, generally for a period of three years.
- Centralised Receipt and Processing Centre (CRPC): To be established by RBI to receive and process the complaints.
- Powers of Ombudsman:
- No limit on dispute amount that can be brought before RBI Ombudsman.
- Power to provide a compensation up to ₹30 lakh.
- Grounds of Complaint: Act or omission of a Regulated Entity resulting in deficiency in service.
- Appeal: Regulated Entity or Complainant may file an appeal before the Appellate Authority within 30 days.
- Nodal Officer: Regulated Entity shall appoint a Principal Nodal Officer at their head office for furnishing information on its behalf in respect of complaints filed.
