**Summary:**
This notification, issued by the Reserve Bank of India (RBI) on August 5, 2022, amends the Reserve Bank Integrated Ombudsman Scheme, 2021 (RBIOS, 2021) to include Credit Information Companies (CICs) as Regulated Entities under the scheme. This amendment, made in exercise of powers conferred by sub-section 1 of Section 11 of the Credit Information Companies Regulation Act, 2005, aims to provide a cost-free alternative grievance redressal mechanism for customers of regulated entities. Effective September 1, 2022, the RBIOS, 2021 will also apply to CICs, except where specifically excluded under the Scheme. The notification is issued under reference number CEPD.PRD.No.S54413.01.001202223 and signed by Anil Kumar Sharma, Executive Director, Reserve Bank of India, Mumbai. An updated version of the Scheme is annexed to the notification. This amendment partially modifies the notification CEPD. PRD. No. S87313.01.001202122 dated November 12, 2021.
Key Entities Referenced
Credit Information Companies Regulation Act, 2005: The Act under which the Reserve Bank of India is exercising its powers.
Reserve Bank of India: The central bank of India, mentioned as the authority issuing the notification and exercising powers under the Credit Information Companies Regulation Act, 2005.
Mumbai, Maharashtra: The city in Maharashtra where the Executive Director of the Reserve Bank of India is located.
Reserve Bank Integrated Ombudsman Scheme, 2021: A scheme (RBIOS, 2021) established by the Reserve Bank of India for grievance redressal.
Credit Information Companies: Entities that are now included as Regulated Entities under the RBIOS 2021.
Anil Kumar Sharma: The signatory of the notification.
EXECUTIVE DIRECTOR Reserve Bank of India
Mumbai
Reserve Bank - Integrated Ombudsman Scheme, 2021 (RBIOS, 2021)
NOTIFICATION
Ref.CEPD.PRD.No.S544/13.01.001/2022-23 August 5, 2022
In exercise of the powers conferred by sub section (1) of Section 11 of the Credit Information
Companies (Regulation) Act, 2005, and in partial modification of its notification CEPD. PRD.
No. S873/13.01.001/2021-22 dated November 12, 2021, the Reserve Bank of India, being
satisfied that it is in public interest to do so, and to provide an avenue for cost free alternate
grievance redress to customers of regulated entities covered under the RBIOS 2021 (the
Scheme) for grievances against Credit Information Companies, hereby directs that the ‘Credit
Information Company’ as defined in the Credit Information Companies (Regulation) Act, 2005,
shall also be treated as a ‘Regulated Entity’ for the purpose of the Scheme.
2. As a result, the Scheme shall also be applicable to Credit Information Companies to the extent
not specifically excluded under the Scheme.
3. The amendment in the Scheme shall come into force w.e.f. September 1, 2022.
4. An updated version of the Scheme is annexed.
S/d
(Anil Kumar Sharma)