Current Context:The Reserve Bank of India (RBI) has implemented the Integrated Ombudsman Scheme (RB-IOS), 2026 with effect from 1 July 2026, replacing the 2021 scheme. It aims to provide a faster, cost-free, and customer-friendly grievance redressal mechanism for complaints against RBI-regulated entities.
Key Highlights & Purpose
- The scheme came into effect on 1 July 2026, replacing the Integrated Ombudsman Scheme, 2021.
- It follows the "One Nation, One Ombudsman" approach for a single, integrated complaint redressal system.
- It covers banks, eligible NBFCs, prepaid payment instrument (PPI) issuers, payment system participants, and credit information companies.
- Customers must first complain to the concerned regulated entity. If unresolved within 30 days or the reply is unsatisfactory, they can approach the RBI Ombudsman within 90 days.
- The scheme provides compensation up to ₹30 lakh for consequential financial loss and up to ₹3 lakh for harassment, mental anguish, loss of time, and expenses.
Question:
Q1.Under the RBI Integrated Ombudsman Scheme, 2026, a customer can approach the RBI Ombudsman if the regulated entity does not resolve the complaint within:a) 15 days
b) 30 days
c) 45 days
d) 60 days
Answer: b) Customers can approach the RBI Ombudsman if the regulated entity does not respond within 30 days or the response is unsatisfactory.
Answer: b) Customers can approach the RBI Ombudsman if the regulated entity does not respond within 30 days or the response is unsatisfactory.
