GRIEVANCE REDRESSAL AND RBI OMBUDSMAN SCHEME 2021
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What is the primary objective of the RBI Integrated Ombudsman Scheme 2021?
The scheme aims to provide a cost-free, expeditious, and impartial redressal of complaints against regulated entities like banks, NBFCs, and payment service providers under a single platform.
What is the minimum number of days a bank has to resolve a complaint before the customer can escalate to RBI Ombudsman?
30 days from date of complaint to bank
When was the RBI Integrated Ombudsman Scheme 2021 launched?
It was launched on November 12, 2021 by the Prime Minister of India, replacing three earlier separate ombudsman schemes for banking, NBFCs, and digital transactions.
What is the monetary limit of complaints that the RBI Ombudsman can entertain?
Up to Rs. 50 lakh in compensation
Which three earlier schemes were merged into the RBI Ombudsman Scheme 2021?
The Banking Ombudsman Scheme 2006, the Ombudsman Scheme for NBFCs 2018, and the Ombudsman Scheme for Digital Transactions 2019 were merged into the unified scheme.
Under which act does the RBI derive authority to establish the Ombudsman Scheme?
Section 35A of Banking Regulation Act 1949
What is the meaning of 'One Nation One Ombudsman' in the context of RBI's 2021 scheme?
It refers to the integration of multiple ombudsman schemes into a single, unified scheme covering all regulated entities under the RBI, accessible through one portal, one email, and one address.
What is the full form of RBI's 'CMS' portal used for grievance filing?
Complaint Management System
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