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RBI’s report on Ombudsmen Scheme

Published on January 06, 2023
Current Context: The Annual Report of the Ombudsman Schemes for the period of April 1, 2021, through March 31, 2022, was made public by the Reserve Bank of India (RBI). These are its specifics:
RBI’s report on Ombudsmen Scheme
  • ATM/debit card issues were the most common type of complaint received by the Office of Banking Ombudsman, making up 14.65% of the total number of complaints.
  • Mobile/electronic banking issues were the second most common type of complaint, comprising 13.64% of the total.
  • Digital modes of payment and transactions were the source of the largest number of complaints, accounting for 42.12% of the total.
  • The volume of complaints received increased by 9.39% in 2021-2022 compared to the previous year, totaling 4,18,184.
  • Of these complaints, 3,04,496 were handled by the RBI Ombudsman, and 1,49,419 were handled at the Centralized Receipt and Processing Center.
  • The RBI Ombudsman resolved 97.97% of complaints in 2021-2022, an improvement from the 96.59% resolved in the previous year.
  • Of the complaints handled at the Centralized Receipt and Processing Center, 63.63% were resolved through a mutual settlement.
  • Developments during 2021-22:
    • The Reserve Bank – Integrated Ombudsman Scheme (RB-IOS) was launched on November 12, 2021, combining three previous Ombudsman Schemes and including non-scheduled urban cooperative banks with deposits above INR 50 crore. Credit information companies were also brought under the RB-IOS as of September 1, 2022.
    • A Centralized Receipt and Processing Center (CRPC) was established at the Reserve Bank of India in Chandigarh to receive and initially process complaints from across the country. Maintainable complaints are then assigned to the offices of the RBI Ombudsman for further resolution.
    • On World Consumer Rights Day (March 15, 2022), the RB-IOS launched a nationwide intensive awareness program called "Ombudsman Speak" to improve financial awareness and education.

Question: 

Q.1 Who recently released the annual; report on Annual Report of the Ombudsman Schemes?
a. Ministry of Finance
b. SBI Bank
c. SEBI
d. RBI
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