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

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

The Reserve Bank of India (RBI) recently released the annual report for the Ombudsman Scheme for the period 2023-24. The report highlights a 33% increase in complaints during FY24 compared to FY23.

About RB-IOS:

• Launch: The RB-IOS was launched in 2021 as part of RBI's Alternate Grievance Redress (AGR) Framework.
• Objective: The scheme follows the "One Nation, One Ombudsman" principle.
• Integration of Previous Schemes: It consolidates three previous ombudsman schemes:
  • Banking Ombudsman Scheme, 2006
  • Ombudsman Scheme for Non-Banking Financial Companies, 2018
  • Ombudsman Scheme for Digital Transactions, 2019
• Functionality: It provides a single window for resolving complaints against entities regulated by RBI, such as commercial banks, RRBs, cooperative banks, NBFCs, payment system participants, and credit information companies.

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