About Reserve Bank – Integrated Ombudsman Scheme, 2026:
- It is aimed at further improving the efficiency of the resolution of complaints filed by aggrieved customers of banks and other regulated entities.
- It will come into force on July 1, 2026, replacing the existing Integrated Ombudsman Scheme of 2021.
- The proceedings under the Scheme shall be summary in nature and shall not be bound by any rules of evidence.
- The Reserve Bank of India (RBI) will appoint one or more of its officers as RBI Ombudsman and RBI Deputy Ombudsman to carry out the functions entrusted to them under the Scheme.
- The appointments will be made generally for a period of three years at a time.
- The RBI will establish a Centralised Receipt and Processing Centre at one or more locations, as may be decided, to receive complaints filed under the Scheme and process them.
- Who does it cover?
- The entities covered under the new scheme include commercial banks, regional rural banks, state and central co-operative banks, and urban co-operative banks with deposits of Rs 50 crore or more.
- Additionally, NBFCs that accept deposits or have assets over Rs 100 crore and engage in customer dealings are also included.
- Furthermore, all non-bank prepaid payment issuers, such as digital wallets, and credit information companies that handle credit scores, are part of this list.
- The scheme excludes housing finance and core investment companies.
- What kind of complaints can be filed?
- Customers can file complaints related to deficiency in service, such as delays, failure to follow RBI directions, or inadequate customer service.
- However, issues involving commercial judgment of institutions, disputes between regulated entities, employer–employee matters, or cases already before courts or tribunals are excluded.
- A key condition for filing a complaint with the ombudsman is that the customer must first approach the concerned entity.
- The ombudsman can be approached only if there is no response within 30 days or if the customer is dissatisfied with the reply.
- Is there a cap on compensation?
- There is no limit on the value of the dispute that can be brought before the ombudsman.
- RBI Ombudsman can award compensation of up to ₹30 lakh for consequential financial loss and up to ₹3 lakh for non-financial losses such as harassment, mental anguish, or loss of time.
- How can complaints be filed?
- Complaints can be filed online through the RBI’s Complaint Management System portal, or sent by email or post to a centralised receipt and processing centre.
- The complaint handling process:
- The RBI Ombudsman (or Deputy) acts like a judge for these disputes.
- The process emphasises conciliation and settlement between the customer and the regulated entity.
- If a settlement cannot be reached, the ombudsman can pass an award after giving both sides an opportunity to be heard.
- If a customer is unhappy with the decision of the Ombudsman, she can appeal to the appellate authority (RBI's executive director) within 30 days.
- Entities can appeal too, but only with senior approval and not if they ignored document requests.
- The authority can uphold, change, or send back the case.
