pc
nid 93673
Jul 02, 2026
pthandapani@vixio.com
India
Reserve Bank of India
financial services
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2164 charsIndia's Reserve Bank Launches Integrated Ombudsman Scheme 2026 for Customer Grievance Resolution
On June 26, 2026, the Reserve Bank of India (RBI) published the Reserve Bank – Integrated Ombudsman Scheme (RB-IOS), 2026, establishing a unified framework for resolving customer grievances against regulated financial entities. The scheme comes into force on July 1, 2026, replacing the Reserve Bank – Integrated Ombudsman Scheme, 2021.
The RB-IOS applies to commercial banks, regional rural banks, cooperative banks, non-banking financial companies (NBFCs) with assets of ₹100 crore and above, non-bank prepaid payment instrument issuers, and credit information companies. The scheme provides a cost-effective, expeditious, non-adversarial grievance redress mechanism for customers alleging deficiency in service. Notably, the RBI Ombudsman has no monetary limit on disputes it can consider but can award compensation up to ₹30 lakh for consequential loss and up to ₹3 lakh for harassment, mental anguish, time, and expenses. Customers must first lodge complaints with the regulated entity and wait 30 days (or the timeline specified by the RBI, National Payments Corporation of India, or card network guidelines, whichever is higher) before approaching the ombudsman. Complaints to the RBI Ombudsman must be filed within 90 days of the entity's response deadline or last communication. The scheme excludes commercial disputes, vendor grievances, management grievances, and matters already pending before courts or tribunals. The RBI established a Centralised Receipt and Processing Centre in Chandigarh to receive complaints via an online portal (https://cms.rbi.org.in), email (crpc@rbi.org.in), or physical submission. Regulated entities must appoint a Principal Nodal Officer at general manager rank and display scheme information prominently in English, Hindi, and regional languages at all branches.
Regulated entities must comply with the scheme's requirements by July 1, 2026. Customers can lodge complaints immediately upon the scheme's effective date. Appeals against RBI Ombudsman awards may be filed with the Appellate Authority (an Executive Director of the RBI's Consumer Education and Protection Department) within 30 days of receiving the award.
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2403 charsReserve Bank of India Launches Integrated Ombudsman Scheme 2026 for Customer Grievance Resolution
The Reserve Bank of India (RBI) has issued the Reserve Bank - Integrated Ombudsman Scheme (RB-IOS), 2026.
The scheme aims to provide a cost-effective, expeditious, and non-adversarial alternate grievance redress mechanism for resolving customer complaints against regulated entities.
The enacted scheme contains:
New definitions for key terms, including "Appellate Authority," "Authorised Representative," "Award," "Complaint," "Deficiency in service," "RBI Ombudsman," and "Rejected Complaints".
Regulations prescribing the scope and application of the scheme, specifying that it applies to commercial banks, regional rural banks, state and central co-operative banks, scheduled and non-scheduled primary (urban) co-operative banks (with a deposit size of INR 50 crore (US$5,280,003) and above).
It also applies to specific non-banking financial companies (with an asset size of INR 100 crore (US$10,560,007) and above), non-bank prepaid payment instrument issuers, and credit information companies.
Specific rules mandating the grounds for maintainability of a complaint, stipulating that a complainant must first file a written complaint with the regulated entity. The complaint to the RBI Ombudsman is only maintainable if the complainant receives no reply within 30 days (or the time specified by relevant guidelines), or is dissatisfied with the reply, and the complaint is filed within 90 days of that timeline expiring or the last communication.
Provisions outlining the powers of the RBI Ombudsman, granting them the authority to facilitate settlements, pass awards, and provide compensation up to INR 30 lakh (US$31,680) for consequential loss and up to INR 3 lakh (US$3,168) for harassment, mental anguish, or expenses incurred.
Administrative measures detailing the procedure for resolving complaints, establishing a Centralised Receipt and Processing Centre for online , email, or physical submissions. The proceedings are summary in nature, and if a regulated entity fails to file a written response within 15 days, the Ombudsman may proceed ex-parte.
Directives requiring regulated entities to appoint a Principal Nodal Officer at their head office to represent the entity. Entities must also prominently display the salient features of the scheme and the contact details of the Principal Nodal Officer at their branches and on their websites.
The scheme takes immediate effect.