2021
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Detailed explanation-1: -It integrates the erstwhile three Ombudsman schemes of RBI namely, (i) the Banking Ombudsman Scheme, 2006; (ii) the Ombudsman Scheme for Non-Banking Financial Companies, 2018; and (iii) the Ombudsman Scheme for Digital Transactions, 2019.
Detailed explanation-2: -There are 22 regional offices of Banking Ombudsmen in India.
Detailed explanation-3: -In order to ensure speedy resolution of customer grievances against regulated entities (REs), RBI brought about Reserve Bank – Integrated Ombudsman Scheme (RB-IOS) – 2021 as single point resolution mechanism. Since it is steered by RBI, all REs are conscious about compliance standards.
Detailed explanation-4: -The Reserve Bank of India has around 20 ombudsman offices across the country that deal with consumer complaints. RBI combined three Ombudsman systems and adopted the ‘One Nation, One Ombudsman’ strategy for grievance redressal.
Detailed explanation-5: -(1) The Banking Ombudsman Scheme, 2006, the Ombudsman Scheme for Non- Banking Financial Companies, 2018, and the Ombudsman Scheme for Digital Transactions, 2019, hereby stand repealed.