Overview of the Revised Integrated Ombudsman Scheme
The Reserve Bank of India (RBI) announced a revised Integrated Ombudsman Scheme effective from July 1, 2026. It aims to enhance the grievance redressal framework for Regulated Entities (REs).
Objectives of the Scheme
- Provide a cost-effective and expeditious grievance redress mechanism.
- Offer a non-adversarial alternative for resolving complaints against REs.
Complaint Process
- Complaints can be filed online by customers aggrieved by REs' deficiencies.
- A Centralised Receipt and Processing Centre will be set up to handle complaints received online, via email, or physically.
Role of the RBI Ombudsman
- The RBI Ombudsman/RBI Deputy Ombudsman will address complaints considering banking laws and RE guidelines.
- No monetary limit on disputes brought before the Ombudsman.
- Authority to award up to Rs 30 lakh for consequential losses.
- Ability to compensate up to Rs 3 lakh for time loss, expenses, or mental anguish.
Additional Powers and Responsibilities
- The Ombudsman can close complaints or involve other REs if necessary due to negligence or non-compliance.
- An annual report on the Scheme's functioning will be published in the public interest.
