What is RBI's Integrated Ombudsman Scheme? Know All the Details

The RBI's Integrated Ombudsman Scheme was launched by Prime Minister Narendra Modi on November 12, 2021, via virtual meeting. The Scheme went into effect the same day it was announced. The Integrated Ombudsman Scheme attempts to strengthen the grievance resolution procedure for customers who have concerns against firms regulated by the RBI, such as banks, NBFCs, and payment service providers.

This scheme will allow you to get your financial concerns resolved at one single window rather than hunting down every other regulated body of RBI. Now, all your complaints, concerns, providing documentation, following the status of your complaints and receiving feedback easy and in one place. This will make the complaint procedure easy and reliable for the customers and the regulated bodies as well. The scheme's core motif is based on the concept of "One Nation, One Ombudsman."

Under The Scheme Following Regulated Entities Will Come

• Commercial Banks, Regional Rural Banks, Scheduled Primary (Urban) Co-operative Banks, and Non-Scheduled Primary (Urban) Co-operative Banks having deposits of Rupees 50 crore (500 million) or more as of the date of the preceding financial year's audited balance sheet
• All Non-Banking Financial Companies (excluding Housing Finance Companies) having assets of Rs 100 crore (1000 million) or more as of the date of the preceding financial year's audited balance sheet (a) are licensed to take deposits, or (b) have a customer interface;
• Participants in the System as described under the Scheme.

How the Scheme Will Work as 'One Nation, One Ombudsman'

• The Appellate Authority under the Scheme would be the Executive Director-in-Charge of the RBI's Consumer Education and Protection Department.
• Customers will be able to report complaints through a single site, email, and address.
• Each ombudsman office's jurisdiction has been abolished under the Scheme.
• The Principal Nodal Officer in the position of a General Manager in a Public Sector Bank or similar would be responsible for representing the Regulated Entity and providing information in relation to complaints lodged by customers against the Regulated Entity.
• In circumstances where the ombudsman issues an Award against the Regulated Entity for failing to provide adequate and timely information/documents, the Regulated Entity will not be able to appeal.
• A multilingual toll-free hotline will give all pertinent information on grievance redress and complaint support.

How to File a Complaint With the Ombudsman?

There are three-way by which you could file a complaint with this scheme:

• Visit https://cms.rbi.org.in or send a dedicated email to email ID [e-mail]
• If you are not comfortable or wish to send the complaint in physical form you can send it to address ''Centralised Receipt and Processing Centre' set up at Reserve Bank of India, 4th Floor, Sector 17, Chandigarh - 160017.'
• A Contact Centre with a toll-free number - 14448 (9:30 a.m. to 5:15 p.m.) - is also set up to give information and explanations about the RBI's alternative grievance resolution process, as well as to assist complainants in making a complaint.

Note-Annexed is the format for submitting a complaint under the Scheme.