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In News
- The Reserve Bank of India (RBI) released the Annual Report of the Ombudsman Schemes for April 01, 2021 – March 31, 2022.
About Integrated Ombudsman Scheme
- The Scheme was framed by the Reserve Bank in exercising the powers conferred on it under Section 35A of the Banking Regulation Act, 1949.
- The Scheme integrates the existing three Ombudsman schemes of RBI namely,
- the Banking Ombudsman Scheme, 2006;
- the Ombudsman Scheme for Non-Banking Financial Companies, 2018; and
- the Ombudsman Scheme for Digital Transactions, 2019.
- In addition to integrating the three existing schemes, the Scheme also includes under its ambit Non-Scheduled Primary Co-operative Banks with a deposit size of ?50 crore and above.
- The Scheme adopts the ‘One Nation One Ombudsman’ approach by making the RBI Ombudsman mechanism jurisdiction neutral.
- Some of the salient features
- A Centralised Receipt and Processing Centre has been set up at RBI, Chandigarh for receipt and initial processing of physical and email complaints in any language.
- The responsibility of representing the Regulated Entity and furnishing information in respect of complaints filed by customers against the Regulated Entity would be that of the Principal Nodal Officer in the rank of a General Manager in a Public Sector Bank or equivalent.
- The Regulated Entity will not have the right to appeal in cases where an Award is issued by the ombudsman against it for not furnishing satisfactory and timely information/documents.
Source:ET
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