The RBI's grievance redressal mechanism

The Reserve Bank – Integrated Ombudsman Scheme (RB-IOS), 2021

The Reserve Bank – Integrated Ombudsman Scheme (RB-IOS), 2021, launched on November 12, 2021, aims to provide a cost-free and expeditious redressal mechanism for customer grievances against entities regulated by the RBI, integrating previous schemes.

Here’s a more detailed explanation:

What is the RB-IOS, 2021?

Purpose

The RB-IOS, 2021, aims to provide a streamlined and efficient system for resolving customer complaints related to deficient services provided by entities regulated by the Reserve Bank of India (RBI), such as banks, NBFCs, and payment service operators.

Integration

The scheme integrates the following previous schemes:

  • The Banking Ombudsman Scheme, 2006
  • The Ombudsman Scheme for Non-Banking Financial Companies, 2018
  • The Ombudsman Scheme for Digital Transactions, 2019

The Reserve Bank - Integrated Ombudsman Scheme

Coverage

The RB-IOS, 2021, covers all entities regulated by the RBI, regardless of the type of complaint.

Key Features

  • Cost-Free Redressal: The scheme ensures that customers can resolve their grievances without incurring any costs.
  • Expeditious Resolution: It aims to provide a quick and efficient resolution process for customer complaints.
  • Jurisdiction Neutral: The scheme adopts a “One Nation, One Ombudsman” approach, meaning a customer can file a complaint with any RBI Ombudsman office, regardless of the location of the regulated entity.
  • Online and Offline Complaint Filing: Customers can file complaints online through the RBI’s CMS portal or through physical or electronic means.
  • Centralized Receipt and Processing Centre (CRPC): The CRPC, located in Chandigarh, handles the receipt and initial processing of complaints.

How to File a Complaint

  1. Customers should first lodge a complaint with the regulated entity (RE) and wait for a response within 30 days.
  2. If the RE does not respond or the customer is not satisfied with the response, they can file a complaint with the RBI Ombudsman.
  3. Complaints can be filed online through the RBI CMS portal www.rbi.org or through physical or electronic mode.

Appellate Mechanism

The RB-IOS, 2021, also provides an appellate mechanism for both the complainant and the RE for complaints closed under appealable clauses.