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Grievance redressal and RBI intergrated Ombudsman scheme 2021
What is the full name of the scheme launched by RBI in November 2021 to address customer complaints against regulated entities?
The Reserve Bank Integrated Ombudsman Scheme 2021 (RB-IOS 2021), which integrates three earlier ombudsman schemes into a single unified framework.
What is the minimum period a bank must have been in operation before appointing an Internal Ombudsman?
At least three years of banking operations.
Which three earlier ombudsman schemes were merged into the RB-IOS 2021?
The Banking Ombudsman Scheme 2006, the Ombudsman Scheme for Non-Banking Financial Companies 2018, and the Ombudsman Scheme for Digital Transactions 2019 were merged.
Under RB-IOS 2021, what is the maximum compensation that can be awarded for mental agony and harassment?
Up to one lakh rupees for mental agony.
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