Grievance Redressal & RBI Integrated Ombudsman Scheme 2021
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What is the RBI Integrated Ombudsman Scheme (IOS) and when was it launched?
The RBI Integrated Ombudsman Scheme 2021 is a unified grievance redressal mechanism that merges three earlier ombudsman schemes (Banking, NBFC, and Digital Transactions) into one, launched on November 12, 2021.
What is the minimum amount of compensation that can be awarded for harassment or mental agony under IOS 2021?
Up to Rs. 1 lakh for harassment or mental agony.
What is the principle of 'One Nation One Ombudsman' as used in the IOS 2021?
It means that a single, centralized ombudsman framework covers all regulated entities under RBI, eliminating jurisdictional confusion and providing customers one unified platform for complaints regardless of the type of financial entity.
Within how many days must a bank acknowledge receipt of a complaint under RBI guidelines?
Bank must acknowledge complaint within 3 working days.
Which entities are covered under the RBI Integrated Ombudsman Scheme 2021?
Scheduled Commercial Banks (including RRBs), Cooperative Banks (Urban and State), Non-Banking Financial Companies (NBFCs, excluding those not accepting public deposits but covering those with asset size above ₹100 crore), and Payment System Participants are covered.
What is the full form of CRPC in the context of IOS 2021?
Centralised Receipt and Processing Centre.
What is the monetary limit of compensation that can be awarded by the Ombudsman under IOS 2021?
The Ombudsman can award compensation up to ₹20 lakh for losses suffered by the complainant, and an additional ₹1 lakh for mental agony and harassment caused by the bank's deficiency in service.
Under IOS 2021, who appoints the Ombudsman?
The Reserve Bank of India appoints the Ombudsman.
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