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Informist, Wednesday, Oct. 1, 2025

MUMBAI – The Reserve Bank of India has proposed measures to strengthen and improve the efficacy of the internal ombudsman mechanism in select regulated entities, Governor Sanjay Malhotra said while detailing the outcome of the Monetary Policy Committee's meeting Wednesday. The amendment will enable an independent apex-level review of complaints that are being rejected by the regulated entities. A draft of the master direction, outlining these revisions, is being released shortly for public feedback.

To enhance the effectiveness of the internal ombudsman mechanism, it is proposed that internal ombudsman be granted compensation powers and allowed direct access to complainants. Furthermore, a two-tiered grievance redressal structure may be introduced within regulated entities, allowing for internal resolution before escalation to the internal ombudsman.

"These measures aim to provide meaningful and timely resolution of customer grievances within the regulated entities, thereby improving service standards and consumer confidence," Malhotra said. The RBI's Monetary Policy Committee, in a unanimous decision Wednesday, left the policy repo rate unchanged at 5.50%, the central bank's Governor Sanjay Malhotra said. The committee also retained its 'neutral' policy stance.  End

Reported by Vaishali Tyagi

Edited by Deepshikha Bhardwaj

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