RBI releases Annual Report of Ombudsman Schemes for 2019-20



Reserve Bank of India (RBI) has launched the Annual Report of the Ombudsman Schemes for the yr 2019-20. There was a rise of round 65 per cent within the receipt of complaints out of which nearly 92 per cent have been disposed of. RBI has three Ombudsman- Banking, Non-Banking Finance Company (i.e. NBFC) and digital transactions. A typical man can method this Ombudsman for his or her grievances.

As per the RBI’s report, all three acquired in complete 3,30,543 complaints in 19-20 as in comparison with 2,00,362 in 18-19. Banking Ombudsman acquired main complaints concerning ATM & Debit Cards, Mobile & Electronic Banking whereas NBFC’s Ombudsmen acquired most complaints about non-observance of regulatory pointers, lack of transparency in contract/ mortgage settlement and levy of prices with out discover.

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Important Points:

  • The Banking Ombudsman acquired main complaints concerning ATM & Debit Cards, Mobile & Electronic Banking.
  • NBFC’s Ombudsman acquired most complaints about non-observance of regulatory pointers, lack of transparency in contract/ mortgage settlement and levy of prices with out discover.
  • Digital Transactions Ombudsmen acquired most complaints about fund switch. RBI has taken varied measures for creating consciousness amongst varied stakeholders to minimise the grievances.
  • As introduced within the Monetary Policy Statement final week, the three Ombudsman Schemes are being merged and built-in right into a single scheme which can be rolled out ranging from June this yr.


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