Banking Ombudsman Scheme
The Reserve Bank – Integrated Ombudsman Scheme, 2021 (RB-IOS, 2021) provides a cost-free mechanism for resolving customer complaints relating to deficiency in services provided by entities regulated by the Reserve Bank of India.
One Nation – One Ombudsman
The Scheme integrates the erstwhile Banking Ombudsman Scheme, Ombudsman Scheme for Non-Banking Financial Companies and Ombudsman Scheme for Digital Transactions into a single integrated framework.
The Scheme came into effect on 12 November 2021.
When Can a Customer Approach the RBI Ombudsman?
A customer should first lodge the complaint with the Bank concerned.
A complaint may generally be lodged under the RB-IOS, 2021 when:
- The Bank has not responded to the complaint within 30 days; or
- The complaint has been rejected wholly or partly; or
- The customer is not satisfied with the response or resolution provided by the Bank.
Customers should first approach the concerned Bank. Approaching the RBI Ombudsman without first lodging a complaint with the Bank may make the complaint non-maintainable under the Scheme.