Countrie’s Central Bank Reserve Bank of India has announced that it will integrate the consumer grievances redressal under a single ombudsman as opposed to the three grievance redressal schemes working at present.
Points To Note
- Currently, there are dedicated ombudsman schemes for the consumer grievance redressal in the banking, non-bank finance companies and digital transactions.
- Now, the Indian bank has decided to integrate the 3 Ombudsman schemes.
- The Reserve Bank of India has also operationalized the complaint management system (CMS) portal as a one stop solution. CMS portal will be used for the alternate dispute resolution of the customer complaints which are not resolved by regulated entities.
About One Nation One Ombudsman approach
- Central bank will adopt the ‘One Nation One Ombudsman’ approach to make the alternate dispute redress mechanism simple and more responsive to the coustmers.
- The mechanism will cater to all the customers from banks, NBFCs (Non-bank financial institution) and the non-bank issuers of prepaid payment instruments.
- The e-Integrated Ombudsman Scheme will be rolled out in June this year.
RBI has decided to adopt the approach of “One Nation One Ombudsman” with the objective of making process of redress of grievances easy. The approach will make the grievance process easy by enable the customers to register the complaints under the integrated scheme with a centralised reference point.
It is a quasi-judicial authority that was created in 2006 under the Banking Ombudsman Scheme of 2006. The authority was created to enable the resolution of complaints of bank customers.
Banking Ombudsman Scheme of 2006
It is an inexpensive forum for the redressal of grievances of bank customers. In 1995, Banking Ombudsman Scheme was introduced by RBI. In 2002, the scheme was revised. Currently, the Banking Ombudsman Scheme 2006 is operating in the country.
RBI to adopt One Nation One Ombudsman approach