Reserve Bank of India's Integrated Ombudsman Scheme
The Reserve Bank of India (RBI) has implemented a revamped Integrated Ombudsman Scheme effective from Wednesday. This new framework is designed to address customer complaints efficiently against various financial institutions including banks, specific non-banking financial companies (NBFCs), prepaid payment instrument (PPI) issuers, and credit information companies.
Key Highlights of the Scheme
- Objective: The scheme aims to provide a faster, cost-free, and non-adversarial mechanism for resolving service-related complaints.
- One Nation, One Ombudsman: The approach allows complaints to be addressed without considering the customer's or entity's location.
- Initial Steps:
- Customers must first approach the concerned regulated entity.
- If unresolved within 30 days or a specified period, customers can escalate to the RBI Ombudsman within 90 days.
Roles and Responsibilities
- RBI Deputy Ombudsmen: Responsible for examining service deficiency complaints and rejecting ineligible ones under the framework.
- Complaint Resolution:
- The Ombudsman may facilitate settlements or award remedial actions and compensation.
- Compensation details:
- Up to ₹30 lakh for consequential losses.
- Up to ₹3 lakh for loss of time, expenses, harassment, and mental anguish.
Appeals and Support
- Awards can be appealed before the Appellate Authority within specified timelines.
- The RBI has released a FAQ on its website to enhance stakeholder understanding of the scheme.
