RBI integrates the three Ombudsman schemes i.e. the Banking Ombudsman Scheme, 2006, as amended up to July 2017, the Ombudsman Scheme for Non-Banking Financial Companies, 2018, and the Ombudsman Scheme for Digital Transactions, 2019 into the Reserve Bank – Integrated Ombudsman Scheme, 2021 which shall be effective from November 12, 2021;

The Scheme covers – (i) all Commercial Banks, Regional Rural Banks, Scheduled Primary (Urban) Cooperative Banks and Non-Scheduled Primary UCBs with deposit size of Rs. 50 Cr. and above, (ii) all NBFCs (excluding HFCs) which are authorised to accept deposits or have customer interface, with an assets size of Rs. 100 Cr. and above, and (iii) all System Participants as defined under the Scheme;

The Scheme envisages that RBI may appoint one or more of its officers as Ombudsman and Deputy Ombudsman, to carry out the functions entrusted to them under the Scheme, and specifies that the said appointment shall be made for a period not exceeding 3 years at a time;

Further lays down that the Reserve Bank shall establish the Centralised Receipt and Processing Centre at any place as may be decided by it to receive the complaints filed under the Scheme and process them; Lastly, the Scheme also provides for the powers and functions of Ombudsman as well as the procedure for redressal of grievance, inter alia specifying that any customer aggrieved by an act or omission of a Regulated Entity resulting in deficiency in service may file a complaint under the Scheme personally or through an authorised representative: RBI

Intellexconsulting.com, Economiclawpractice.com, BuySellMergers.com

LEAVE A REPLY

Please enter your comment!
Please enter your name here