Modi Launches RBI's Integrated Ombudsman Scheme

The Banking Ombudsman Scheme was established in 2006.In 2006, the Banking Ombudsman Scheme (BOS) was established. It was last updated in July of this year. According to the RBI website, the BOS is an effective venue for bank customers to resolve concerns about specific services provided by banks. With effect from 1995, RBI implemented the BOS under Section 35 A of the Banking Regulation Act, 1949. What Is The Role Of A Banking Ombudsman? The Banking Ombudsman is a senior professional appointed by the Reserve Bank of India to resolve consumer complaints about deficiencies in specific banking services as defined in Clause 8 of the Banking Ombudsman Scheme 2006. The Integrated Banking Ombudsman Scheme, which went live on November, aims to improve the grievance resolution procedure for customers who have grievances against RBI-regulated firms. According to the PMO, the plan is built on a 'One-Nation Ombudsman,' with one portal, one email, and one address for customers to make complaints. Banks, non-banking financing firms (NBFCs), and non-bank prepaid payment issuers (PPIs) that are wallets each have their own Ombudsman. The RBI manages this through 22 Ombudsman offices around the country. To make the grievance redressing procedure easier and more efficient, they will be combined into a single centralised framework. What This Means for Bank Clients A grievance redressal process would also boost customer trust in the country's digital infrastructure, especially among the marginalised and rural people, where lack of network access creates a barrier in the form of rejected payments. Such national-level initiatives will considerably help in the permeation of digital payments and bring about dramatic changes as we grow as a digital-first nation.

Modi Launches RBI's Integrated Ombudsman Scheme