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Informist, Wednesday, Oct. 1, 2025

--RBI Malhotra: To revise RBI ombudsman scheme for grievance redressal 

--RBI Malhotra: Improving RBI ombudsman scheme to enhance grievance redressal 

--RBI Malhotra: To add regional rural banks to RBI ombudsman scheme 

--RBI Malhotra: To bring rural co-op banks under RBI Ombudsman scheme 

MUMBAI – The Reserve Bank of India Wednesday announced a plan to bring state co-operative banks and district central co-operative banks within the scope of the RBI Ombudsman Scheme that was launched on Nov. 12, 2021, it said in the statement for developmental and regulatory policies. The move is to enable customers of rural co-operative banks, hitherto with the National Bank for Agriculture and Rural Development, to access the ombudsman mechanism.

The RBI has also decided to review the scheme after taking into account the operational experience, stakeholder feedback, and global practices. The review seeks to enhance transparency, simplify procedures, and reduce timelines to ensure quicker, fairer, more effective resolution, it said. The RBI will release a draft scheme on its website shortly to seek feedback from stakeholders.

The central bank had introduced the integrated ombudsman scheme to provide customers of regulated entities a speedy, cost-effective, alternative grievance redress mechanism. The regulated entities covered under it are commercial banks, regional rural banks, scheduled primary urban co-operative banks, non-scheduled primary urban co-operative banks with deposits of INR 500.00 million and above, selected non-banking finance companies, and credit information companies. 

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 Muskan Lodhi

Edited by Rajeev Pai

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