Mumbai: The central bank on Friday, January 16, issued the revised Reserve Bank – Integrated Ombudsman Scheme, 2026, aimed at further improving the efficiency of the resolution of complaints filed by aggrieved customers of banks and other regulated entities.
It will come into force on July 1, 2026.
“As the intent of the Scheme is to provide a cost-effective and expeditious grievance redress, the proceedings under the Scheme shall be summary in nature and shall not be bound by any rules of evidence,” according to the circular on the revised Scheme.
The Reserve Bank will appoint one or more of its officers as RBI Ombudsman and RBI Deputy Ombudsman, to carry out the functions entrusted to them under the Scheme.
The appointments will be made generally for a period of three years at a time.
The Reserve Bank said it will establish a Centralised Receipt and Processing Centre at one or more locations, as may be decided, to receive complaints filed under the Scheme and process them.
Complaints can also be filed online.
“While considering the complaints, the RBI Ombudsman/RBI Deputy Ombudsman shall take into account the principles of banking law and practice, as also the directions, instructions, guidelines or regulations issued by the Reserve Bank to regulated entities from time to time and such other factors as may be relevant,” the circular said.
Also, there is no limit on the amount in a dispute that can be brought before the RBI Ombudsman, for which the RBI Ombudsman/ RBI Deputy Ombudsman can facilitate a settlement or pass an Award.
“However, for any consequential loss suffered by the complainant, the RBI Ombudsman shall have the power to provide compensation up to Rs 30 lakh,” it said.
In addition, the RBI Ombudsman will also have the power to provide compensation up to Rs 3 lakh for the loss of the complainant’s time, expenses incurred, harassment/mental anguish suffered, if any, by the complainant, RBI said.
