Bizz Buzz explainer: RBI One Nation One Ombudsman

Hyderabad Prime Minister Narendra Modi on November 12 launched the integrated ombudsman scheme which is aimed to strengthen the grievance redress mechanism for consumers of different regulated entities like banks, NBFCs and payments system operators.

RBI governor Shaktikanta Das said that the existing ombudsman schemes are being integrated into a single scheme which will offer the benefit of a single platform to customers for getting speedy resolution of their grievances. He added that this scheme will reinforce confidence and trust in the financial system.

What is RBI's integrated ombudsman scheme?

The integrated ombudsman scheme amalgamates three ombudsman schemes of RBI like banking ombudsman scheme of 2006, ombudsman scheme for NBFCs of 2018 and ombudsman scheme of digital transactions of 2019.

Under this initiative, there will be single point of reference for the customers to file the complaints, submit documents and track the status of their complaint. The customers would also be able to provide feedback on their experience on using the portal. The RBI will provide multi-lingual toll-free number for all relevant info on grievance redressal. It will also provide assistance in filing complaints. The launch of the one nation, one ombudsman is likely to play key role in faster resolving of grievances of customers.

How it works?

The central theme of the scheme is based on 'One Nation-One Ombudsman'. The Executive Director-in charge of Consumer Education and Protection Department of RBI would be the Appellate Authority under the Scheme. It will have one portal, one email and one address for the customers to lodge their complaints. The Scheme has done away with the jurisdiction of each ombudsman office. The responsibility of representing the regulated entity and furnishing information in respect of complaints filed by customers against the regulated entity would be that of the principal nodal officer in the rank of a general manager in a public sector bank or equivalent.

The regulated entity will not have the right to appeal in cases where an award is issued by the ombudsman against it for not furnishing satisfactory and timely information or documents. A multi-lingual toll-free number will provide relevant information on grievance redress and assistance for filing complaints.

The helpline will, in addition to building trust and confidence, also reduces expenditure on both financial and human resources. It has been a long proposal of the apex bank, with the help of one centralised record keeping system in place. It will further help in providing all the relevant information at one place.

How to approach?

There are multiple ways to file a complaint. To file the complaint online, one can visit the website https://cms.rbi.org.in . One can also register your complaint through an email at [email protected] or by calling the contact centre on toll-free number 14448. One can also send your complaint physically by filling the form and sending it to the 'centralised receipt and processing centre' set up by RBI in Chandigarh.