## Reserve Bank Integrated Ombudsman Scheme, 2021: Policy Summary
The Reserve Bank of India (RBI) has introduced the Reserve Bank Integrated Ombudsman Scheme, 2021, effective November 12, 2021. This scheme integrates and supersedes three previous Ombudsman schemes: the Banking Ombudsman Scheme, 2006 (as amended), the Ombudsman Scheme for Non-Banking Financial Companies, 2018, and the Ombudsman Scheme for Digital Transactions, 2019.
The objective of this integration is to establish a simpler and more responsive alternate dispute redress mechanism for customers of RBI-regulated entities.
The scheme's coverage extends to:
* All Commercial Banks, Regional Rural Banks, Scheduled Primary Urban Co-operative Banks, and Non-Scheduled Primary Urban Cooperative Banks with deposit sizes of Rupees 50 crore and above (as per the latest audited balance sheet).
* All Non-Banking Financial Companies (excluding Housing Finance Companies) that (a) are authorized to accept deposits or (b) have customer interface, with an asset size of Rupees 100 crore and above (as per the latest audited balance sheet).
* All System Participants as defined under the Scheme.
Regulated entities are mandated to comply with the provisions of this integrated scheme from its implementation date. A standard format for filing complaints under the Scheme is annexed to the notification.
The notification is issued under the powers conferred by Section 35A of the Banking Regulation Act, 1949, Section 45L of the Reserve Bank of India Act, 1934, and Section 18 of the Payment and Settlement Systems Act, 2007.
Key Entities Referenced
Reserve Bank of India: The central bank of India, the primary issuer of the notification.
Reserve Bank Integrated Ombudsman Scheme, 2021: The new integrated scheme introduced by the Reserve Bank of India to address customer complaints against regulated entities.
Banking Regulation Act, 1949: An act of the Indian Parliament that empowers the Reserve Bank of India to regulate the banking industry.
Reserve Bank of India Act, 1934: An act of the Indian Parliament that established the Reserve Bank of India.
Payment and Settlement Systems Act, 2007: An act of the Indian Parliament that provides for the regulation and supervision of payment systems in India.
Banking Ombudsman Scheme, 2006: An earlier ombudsman scheme that is being superseded by the Reserve Bank Integrated Ombudsman Scheme, 2021.
Ombudsman Scheme for NonBanking Financial Companies, 2018: An earlier ombudsman scheme that is being superseded by the Reserve Bank Integrated Ombudsman Scheme, 2021.
Ombudsman Scheme for Digital Transactions, 2019: An earlier ombudsman scheme that is being superseded by the Reserve Bank Integrated Ombudsman Scheme, 2021.
DEPUTY GOVERNOR Reserve Bank of India
Mumbai
Reserve Bank - Integrated Ombudsman Scheme, 2021
NOTIFICATION
Ref. CEPD. PRD. No.S873/13.01.001/2021-22 November 12, 2021
In exercise of the powers conferred by Section 35A of the Banking Regulation Act, 1949 (10
of 1949), Section 45L of the Reserve Bank of India Act, 1934 (2 of 1934) and Section 18 of
the Payment and Settlement Systems Act, 2007 (51 of 2007), and in supersession of its
Notifications Ref. (i) CEPD. PRS. No. 6317/13.01.01/2016-17 dated June 16, 2017; (ii) CEPD.
PRS. No. 3590/13.01.004/2017-18 dated February 23, 2018; and (iii) CEPD. PRS. No. 3370
/13.01.010/2018-19 dated January 31, 2019, the Reserve Bank of India, being satisfied that it
is in public interest to do so, and to make the alternate dispute redress mechanism simpler
and more responsive to the customers of entities regulated by it, hereby integrates the three
Ombudsman schemes – (i) the Banking Ombudsman Scheme, 2006, as amended up to July
01, 2017; (ii) the Ombudsman Scheme for Non-Banking Financial Companies, 2018; and (iii)
the Ombudsman Scheme for Digital Transactions, 2019 into the Reserve Bank - Integrated
Ombudsman Scheme, 2021 (the Scheme).
2. The Scheme covers the following regulated entities:
i. all Commercial Banks, Regional Rural Banks, Scheduled Primary (Urban) Co-
operative Banks and Non-Scheduled Primary (Urban) Co-operative Banks with
deposits size of Rupees 50 crore and above as on the date of the audited balance
sheet of the previous financial year;
ii. all Non-Banking Financial Companies (excluding Housing Finance Companies) which
(a) are authorised to accept deposits; or (b) have customer interface, with an assets
size of Rupees 100 crore and above as on the date of the audited balance sheet of the
previous financial year;
iii. all System Participants as defined under the Scheme.
3. The regulated entities shall comply with the Scheme from the date of its implementation.
4. The format for filing a complaint under the Scheme is annexed.
5. The Scheme shall come into force from November 12, 2021.
S/d
(M. K. Jain)