CAIIB · BRBL

RESERVE BANK - INTEGRATED OMBUDSMAN SCHEME, 2021

Chapter notes, video classes, MCQ practice tests and quick-revision one-liners for Banking Regulations and Business Laws — CAIIB.

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When was the Reserve Bank - Integrated Ombudsman Scheme (RB-IOS) launched?

The RB-IOS was launched on November 12, 2021, consolidating three earlier ombudsman schemes into a single unified framework.

Who is the Appellate Authority under the RB-IOS, 2021?

Deputy Governor of Reserve Bank of India

Which three earlier schemes were merged to form the Reserve Bank - Integrated Ombudsman Scheme, 2021?

The Banking Ombudsman Scheme, the Ombudsman Scheme for Non-Banking Financial Companies, and the Ombudsman Scheme for Digital Transactions were merged into RB-IOS 2021.

What is the maximum time limit for the Ombudsman to resolve a complaint under RB-IOS, 2021?

Within three months from receipt of complaint

What is the primary objective of the Reserve Bank - Integrated Ombudsman Scheme, 2021?

The primary objective is to provide a cost-free, expeditious, and impartial redressal mechanism for customer complaints against regulated entities covered under the scheme.

What is the geographical jurisdiction of the Ombudsman under RB-IOS, 2021?

Pan-India jurisdiction with no territorial limitation

Who are the 'Regulated Entities' covered under the RB-IOS, 2021?

Regulated Entities include scheduled commercial banks, regional rural banks, scheduled primary urban co-operative banks, NBFCs (with deposit-taking or non-deposit-taking above a threshold), and non-bank prepaid payment instrument issuers.

Under RB-IOS, 2021, what is the time limit for appealing to the Appellate Authority?

Within 30 days of receiving the Ombudsman's award

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