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RBI’s Integrated Ombudsman Scheme
October 11 , 2025
13 hrs 0 min
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- RBI brought Central and State Co-operative Banks under the Reserve Bank - Integrated Ombudsman Scheme, 2021 (RB-IOS, 2021) on 8 October 2025.
- The decision was made under Section 35A of the Banking Regulation Act, 1949.
- RB-IOS, 2021, provides customers of regulated entities with a speedy, cost-effective, and alternative grievance redress mechanism.
- The scheme originally covered all Commercial Banks, Regional Rural Banks, Scheduled and Non-Scheduled Primary (Urban) Co-operative Banks with deposits of ₹50 crore or more.
- It also included Non-Banking Financial Companies (excluding Housing Finance Companies) with assets of ₹100 crore or more and a customer interface.
- System Participants under the Payment and Settlement Systems Act, 2007, and Credit Information Companies are also covered.
- RB-IOS, 2021 unified three earlier schemes:
- Banking Ombudsman Scheme, 2006;
- NBFC Ombudsman Scheme, 2018; and
- Digital Transactions Ombudsman Scheme, 2019.
- The scheme follows the ‘One Nation One Ombudsman’ principle”.
- The Ombudsman can award compensation up to ₹20 lakh, plus ₹1 lakh for the complainant’s time, expenses, or mental distress.
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