Integrated Ombudsman Scheme by RBI

Integrated Ombudsman Scheme by RBI

Team Ambitiousbaba and AB are here with a Current Affairs Special Series. In this series, candidates will be introduced to current affairs topics daily, which will not only improve their general awareness but also will ensure that the candidates do not lack in any current affairs topic. Today’s Current Affairs topic is “Integrated Ombudsman Scheme by RBI”

The integrated ombudsman scheme has recently launched by Prime Minister Narendra Modi on November 12. The integrated ombudsman scheme will make strong the mechanism of the grievance redress for consumers of different regulated entities like Banks, NBFCs and payments system operators.

What is the integrated ombudsman scheme?

The integrated ombudsman scheme fuse three ombudsman scheme of RBI – banking ombudsman scheme of 2006, ombudsman scheme for NBFCs of 2018 and ombudsman scheme of digital transactions of 2019.

The unification of ombudsman scheme will cater the solution of customer complaints involving deficiency in services offered by RBI regulated entities viz. banks, NBFCs and pre-paid instrument players if the grievance is not resolved to the gratification of the customers or not replied within a period of 30 days.

The new scheme also consist non-scheduled co-operative banks with a deposit size of Rs 50 crore and above. The integrated scheme establishes it a “One Nation One Ombudsman’ approach and jurisdiction neutral.

What is the requirement of this scheme?

The first ombudsman scheme was introduced in the 1990s.
The system was always considered sidelong by consumers. One of the main concerns was the deficiency of rectifiable grounds on which the consumer could challenge the actions of a regulated entity at the ombudsman or a rejection of the complaint on technical grounds.

Some features of the scheme:

It would be no requirement for the complainant to identify under which scheme he/she file complaint with the ombudsman according to RBI. The scheme consist a broader identification of deficiency of services which ensures complaints will not go unaddressed or rejected simply on account of “not covered under the grounds listed in the scheme”.

Under the scheme jurisdiction is neutral and a centralized receipt and processing centre has been set-up in Chandigarh for initial handling of complaints in any language.

The final appellate authority:

Appellate Authority under the integrated scheme would be Executive Director-in charge of Consumer Education and Protection Department of RBI.

Question & Answer:

Q1. What is Ombudsman?

Ans. It is an appellate body where customers can step up complaints if the financial institution fails to address the complaint.

Q2. In which year first time Ombudsman Scheme was introduced?

Ans. First time Ombudsman Scheme was introduced in 2006.

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